Iraq is looking to reduce its ambitious crude production targets, and is working to improve the terms offered to international oil companies (IOCs) bidding for contracts in the country.
Baghdad was contemplating a target of 9.5 million barrels per day (bpd) of crude by 2020, said a senior government figure, in a significant departure from the previously held ambition of pumping 12 million bpd within the next five years.
The government was considering options ranging from 6 million to 12 million bpd by 2020, laid out in a strategy paper drawn up by the consultancy Booz & Co, said Thamir Ghadhban, the top energy adviser to the Iraqi prime minister.
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