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.

Geopolitical Risk

27 Jun, 2025

Featured

Iraq Vulnerabilities Laid Bare by Israel-Iran Conflict

Iraq has emerged largely unscathed from the 12-day Israel-Iran conflict. But the crisis highlights how vulnerable the country is to external geopolitical developments. On the upside, Iranian gas flows are up, although Kurdistan’s cross-border oil exports to Iran have ground to a halt.