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 $bn
O&G % Export Rev. - %
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Iraq Relies On Crude Export Revenues ($Bn) For 95% Of Total Government Revenue, Leaving It Devastated By The Crash In Oil Prices

Iraq* Crude Export Revenues ($Bn) Up In Q3 Despite Exports (Mn B/D) Falling To Lowest Levels Since 2014

1: Iraq Refineries’ 2019 Products Output (‘000 B/D): Fuel Oil Is 44% Of The Total

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