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

Iraq* Crude Exports Finish 2019 Just Under 4mn B/D With Top-Takers India, Eu, And China All Taking Record Volumes

Iraq Annual Crude Exports* Surpass 3.5mn B/D For First Time, But Revenues ($Bn) Dip Due To Lower Oil Prices

Iraq Has Complied With Its Opec+ Commitment Only Once Since The December 2016 Cut (Mn B/D)

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