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.

Oil & Gas

10 Oct, 2025

Featured

Iraq Upstream Prospects Improve As Exxon Mulls Return

Less than two years after exiting Iraq, ExxonMobil has entered into discussions over a return through the planned development of the Majnoon oilfield. Nothing is guaranteed, but this is the strongest indication yet that Iraq’s upstream sector is becoming an attractive investment destination after years in the wilderness.