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 6mn b/d output by 2020, up from around 4.65mn b/d now. 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?

2019 In Numbers
Crude Output 4.63 mn b/d
Crude Exports 3.95 mn b/d
O&G Export Rev. 78.8 $bn
O&G % Export Rev. 79 %
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SELECTED DATA

1: Iraq Monthly Crude Export Revenues Plummet In April ($Bn)

2: World Bank Expects Iraq To Fully Deplete Reserves By 2022 ($Bn)

Iraq’s Rig Count Fell To 70 For April, Down 10% From The Start Of 2020

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