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?

2018 In Numbers
Crude Output 4.52 mn b/d
Crude Exports 3.82 mn b/d
O&G Export Rev. 83.7 $bn
O&G % Export Rev. 84 %
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SELECTED DATA

Federal Iraq’s May Crude Exports Top 3.5mn B/D, Pushing Export Revenues ($Bn) To 7-Month High

Iraq's Sales Gas Output Hits New Records As It Cuts Down On Flaring Rates (Mn Cfd)

Iraq Rig Count Hits 73 For April, Highest Level Since 3q 2014 Oil Price Slump, As IOCS Step Up Investment In Both KRG And Basra

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