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

*ALL EXCEPT CRUDE OUTPUT EXCLUDE KRG.

OPEC & Global Markets

13 Jan, 2023

Featured

Iraq Shoots For Star Performance In Europe For 2023

Federal Iraq’s crude oil exports to Europe rose nearly 40% in 2022 as buyers sought to replace Russian barrels. State marketer Somo expects further gains this year.

Basrah Medium’s Discount To Saudi Arabia’s Arab Heavy In European Markets Has Eased From Recent Records But Remains Substantial ($/b)
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SELECTED DATA

1: Iraq Refinery Output Is Up As Opec Cuts Ease, But Fuel Oil Still Makes Up Nearly 50% Of The Total (‘000 b/d)

2: Iraq Imports Of Refined Products (‘000 b/d): Gasoline Makes Up The Lion’s Share, Around 50,000 b/d

Iraq's Gas Flaring Has Stabilized At 50% Of Gross Output (bn cfd)

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