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 Peak Power Supply By Fuel/Source: Domestic Gas Met Just 40% Of The 2019 Total Due To Inefficient Gas Capture

2: ...And Whilst More Self-Sufficient In Diesel, Baghdad Still Grapples With Regular Shortages

3: After Exceeding 800,000 B/D For The First Time Ever In 3Q19, Iraqi Refining Output ('000 B/D) Fell To Just 553,000 B/D In Q2

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