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

*ALL EXCEPT CRUDE OUTPUT EXCLUDE KRG.

Geopolitical Risk

4 Apr, 2025

Featured

Kurdistan Gridlock Raises Risk Of US Sanctions On Iraq’s Oil Sector

Talks to resume oil exports from Iraqi Kurdistan have been spectacularly derailed with Baghdad’s decision to unilaterally impose the work scope for an independent consultant.