Middle East

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.

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SELECTED DATA

Iraq's Gas Flaring Has Fallen But Still Accounts For 50% Of Gross Output (bn cfd)

Iraq's Rig Count Has Begun To Edge Higher From The Record Low 27 Hit Late Last Year

Iraq's Crude Export Revenues Hit A 12-Month High $4.74bn For January

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