Middle East


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. 87.8 $bn
O&G % Export Rev. - %
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1: Iraq’s Monthly Crude Export Revenues Have Plummeted In 2020

2: Abysmal Oil Revenues Could See Iraq Post A $20bn Budget Deficit In 2020

3: Short Of Intervention, The World Bank Expects Iraq To Deplete Reserves By 2022 ($Bn)

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