Iraq

Iraq is now Opec’s second largest producer after major capacity gains propelled it well clear of its nearest rivals. Major refining investment is required to end costly products’ imports.

State of Play

Opec's second biggest oil producer plans 9mn b/d capacity by 2029, double current levels. But burdensome ‘technical service contracts’ have scared off many IOCs, and Baghdad is increasingly turning to its national oil companies for development. Will Iraq’s new government rise to the immense challenges facing the country’s upstream, downstream and powergen sectors?

2020 In Numbers*

Crude Output	4.01	mn b/d
Crude Exports	3.00	mn b/d
Crude Export Rev.	41.8	$bn
Gross Gas Output	2.57	bn cfd

*ALL EXCEPT CRUDE OUTPUT EXCLUDE KRG.

Oil & Gas

14 Feb, 2025

Featured

Iraq Oil Export Revenues Hold Firm For 2024

Iraqi oil exports held steady last year with revenues down 4% amid lower oil prices. Somo sent record volumes to Asia as Red Sea disruptions saw West of Suez flows dip.