Energy-rich states of the Gulf Cooperation Council do not feel threatened by Iraq's plans to massively expand its oil production, Kuwait's foreign minister said on Tuesday.
Iraq has awarded a number of contracts to international oil companies with the aim of boosting its crude production from the current 2.5 million barrels per day to above 10 million bpd during the next several years.
"We are not threatened by Iraq's plans to expand its oil production," Sheikh Mohammad al-Sabah, whose country is the current president of the GCC, told a press conference.
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