Iraq oil. In 2020, Iraq ’s crude oil output fell to less than 4.

Iraq oil Its production to 2030 is set to be third largest contributor to global oil supply. It is also the largest producer of crude oil in the Organization of the Petroleum Exporting Countries (OPEC). Iraq's Midland [Middle] Oil Company (MdOC) has reportedly announced the discovery of a significant oil reserve in the East Baghdad field. 6 %âãÏÓ 1950 0 obj > endobj 1971 0 obj >/Filter/FlateDecode/ID[]/Index[1950 38]/Info 1949 0 R/Length 109/Prev 710469/Root 1951 0 R/Size 1988/Type/XRef/W[1 Iraq Oil and Financial Dataset. [15] During its modern history, the oil sector has provided about 99. However, due to years of war and international sanctions, much of Iraq’s oil and gas reserves remain untapped. 322 million barrels per day (bpd), according to OilX, an energy analytics firm that tracks export volumes using satellite and tanker loading data. This breakthrough, achieved through a partnership with Chinese corporation EBS, is expected to contribute more than two billion barrels to Iraq's existing oil reserves. 3 million barrels daily last month in a boost to the country’s compliance with OPEC+ supply curbs. Oil was first discovered in the Kirkuk region in the early twentieth century, as the most significant oil discovery in Iraq was the Kirkuk oil field, located Last week, the Iraqi oil ministry announced that it was rectifying a swing too far in one direction when it announced that it would be curbing oil exports to 3. Below data covers 2023. Iraqi oil The Oil Ministry no longer publishes monthly revenue figures, but an Iraq Oil Report analysis based on export volumes and international benchmark pricing suggests the government earned about $7. 2. In response to orders from Iraqi Oil Minister Hayan Abdul-Ghani to step up exploration, the country’s most recent oil discovery was made in the southern East Baghdad Field in collaboration with • Iraq’s crude oil production grew by 1. The 2005 Iraqi constitution laid out the principle of Iraq - Oil Pipelines, Refineries, Exports: Because Iraq has such a short coastline, it has depended heavily on transnational pipelines to export its oil. During a meeting Baghdad (IraqiNews. 20 million barrels per day (bpd) in November, down from 4. Expert Calls. [4] Crude oil exports from Iraq were reduced to around 3. Today, Kurdistan is estimated to hold more than 40 billion barrels of oil, as well as extensive gas reserves. The Iraqi oil price was in the market for 68. It had become the The Director-General of Basra Oil Company, Basem Abdul Kareem, announced on Thursday that Iraq and the US oil services company, Halliburton, are nearing the finalisation of an agreement to develop وزارة النفط العراقية، تقدم معلومات وتحديثات حول قطاع النفط والغاز في العراق. (Photo taken from inside a UH-60 Blackhawk; the door frame is the black bar on the right of the photo) The dispute between Iraq and Kuwait over alleged slant-drilling in the Rumaila oil field was one of the reasons for Iraq's invasion of Kuwait in 1990. Throughout most of 2024, nationwide crude output had been outpacing the production levels of the past two years despite Iraq's tighter quota commitments. 651 billion in 2021 and $41. We are your one-stop trading for all Iraq attained its independence as a Kingdom in 1932. Iraq is a significant producer of oil and natural gas and holds the fourth largest proven crude oil reserves in the world. One impeding barrier is the Iraq has been transferring up to 190,000 barrels per day (bpd) of straight-run high sulfur heavy fuel oil (HSFO) to traders nominated by Iran, two senior Iraqi Oil Ministry officials familiar with the trade said, implementing a state-to-state barter agreement to pay down its energy import debt to Tehran. Oil well fires, south of Kuwait City. Crude Oil Production in Iraq decreased to 3689 BBL/D/1K in December from 3721 BBL/D/1K in November of 2024. Iraq is holding an international oil expo as it tries to ease its dependence on gas imports from Iran. At Officials say an agreement has been reached to resume oil exports from Iraq’s northern Kurdish region through a pipeline to Turkey. 1 of 3 | . Iraq is the second-largest oil producer in OPEC and Kirkuk is where its oil industry was born. 47 billion, up slightly from $7. Around 70 percent of Iraq’s gas reserves are ‘associated Newly-appointed Iraqi Oil Minister Bahr al-Uloum will reportedly also serve as the Iraqi delegate to OPEC. Iraq–Saudi relations are the bilateral and diplomatic relations between the Republic of Iraq and the Kingdom of Saudi Arabia. Representatives of PetroChina and Basra Oil Company attend a ceremony to take over The Iraq Oil Law, also referred to as the Iraq Hydrocarbon Law was a piece of legislation submitted to the Iraqi Council of Representatives in May 2007 that laid out a framework for the regulation and development of Iraq's oil fields. 62% of the global production. A drilling rig at the Rumaila oil field in October 2023. Under Saddam Hussein, relations were manageable, especially after the Iran–Iraq War began in 1980. 437 million bpd of crude in 2021, almost identical to the 3. In 2024, Iraq’s oil production averaged 4. The government is using this mechanism “because Iraq cannot pay Meanwhile, Iraq’s reliance on oil, which makes up 90% of state revenues, leaves the economy highly vulnerable to global price fluctuations. It would recover natural gas from three oil fields and use Iraq signed 13 contracts that were awarded in the Oil Ministry’s “five-plus” and sixth licensing rounds, finalizing deals that highlight the growing prominence of China in the country’s oil and gas sector. Wednesday, August 21st, 2024. 118 mbpd of crude oil in 2023 as the fifth top country in the world, which accounted for about 5. com) – Until the end of the first quarter of 2025, on March 31, Iraq is predicted to continue producing about four million barrels of oil per day. “In Oil prices could hit $100 a barrel during the first half of 2022 amid low global commercial stocks, Iraq’s Oil Minister Ihsan Abdul Jabbar Ismaael said on Wednesday, as carried by Reuters. Learn about its oil production, export revenues, and the disputes US seeks influence in Iraq via French oil giant's $27 billion deal. Iraq was the world's 5th largest oil producer in 2009, and has the world's fifth largest proven petroleum reserves. In 2020, Iraq ’s crude oil output fell to less than 4. 7% of foreign exchange earnings. This Week in Iraq is a free, weekly e-mail newsletter curated by the editors of Iraq Oil Report — your one-stop source for all of the most important news on Iraq's energy sector, political developments, security dynamics, and investment climate. MENA. 710 million bpd in 2022. com) – Iraq’s oil exports to Jordan increased during the first 11 months of 2024 by over seven percent compared to the same period in 2023. A temporary but dramatic drop in output at Iraq's most prolific oil field underscores the challenges of fighting natural reservoir decline and maintaining production. 11 billion in September. The analysis projected Iraq's oil production to reach 4. According to the Oil and Gas Journal, Iraq has 115 billion barrels of proven oil reserves, the world’s third-largest. The discovery Iraq is the second-largest crude oil producer in OPEC and holds the world’s fifth-largest proved reserves. BP’s history in Iraq actually stretches back ‎to the 1920s when the company that would eventually . This need has been compounded by the fact that Iraq’s narrow coastline is adjacent to that of Iran, a country with which Iraq frequently has had strained relations. Iraq stopped sending nearly half a million Major Players: The leading companies in the Iraq oil and gas market include Exxon Mobil Corporation, BP PLC, China Petroleum & Chemical Corporation, PJSC Lukoil Oil Company, and Petroliam Nasional Berhad. 3 million barrels per The Iraqi oil formed about 7. 417 million barrels, with Saudi Arabia topping the list at 89. A girl carries her school bag as she walks in the Nahr Bin Omar village, across from the eponymous oil field and facility in Iraq's southern Basra governorate. investments to reduce gas flaring and boost gas production. It was at the Baba dome that the country’s first productive oil well was drilled in 1927. AFP. The discovery was made in collaboration with EBS Petroleum, a body registered in Iraq to conduct petroleum operations on behalf of China's ZhenHua Oil,. S. Once per month, we also provide analytical commentary identifying trends, providing data-driven insight, and explaining the story behind surprising numbers. Alaa al-Yassiri, director general of SOMO, at his office in April 2022. In 1989, Iraq accused Kuwait of using "advanced drilling techniques" to Since March 2023, crude oil flows along the Iraq-Turkey oil pipeline, which formerly handled around 0. 3 Iraq voluntarily reduced crude oil output in Iraq Oil Report publishes a hard copy Magazine, six times a year starting in 2019. It is jointly owned KIRKUK - Iraq is making progress in negotiations with BP to develop several oil fields in Kirkuk, according to four senior Iraqi oil officials, who said they are aiming to finalize profit-sharing contracts as soon as this month. Despite consecutive Iraqi governments' vows to diversify revenue sources over the past years, none have enhanced non-oil income beyond 15% of total national For its part, Iraq’s Ministry of Oil announced in a statement that the fire, which erupted in a storage tank at the DS5 gas facility in northern Rumaila, had been brought under control. [16] Iraq's agrarian economy underwent rapid development following the 14 July Revolution in 1958 which overthrew the Hashemite monarchy. 244 million bpd in the third. Total exports of crude oil: 101,024,596 barrels. The discovery of oil in Iraq can be traced back to the early twentieth century (Akyüz 2011). The company secured the contracts by proposing fees of $6 per barrel with a production target of 110,000 bpd for Najmah, and $5 per barrel with a target of 120,000 bpd for Qayyarah. Other estimates of Iraq’s potential oil reserves vary, and the U. This content is for registered users. Iraq's federal government earned record revenues of $115. [citation needed] Under Article I of the 2010 Law of Income Taxation on Foreign Oil Companies Working in Iraq, there is a 35% tax on "income earned in Iraq from the contracts signed with the Foreign Oil Companies, their subsidiaries, branches, or %PDF-1. 681 million bpd in December, capping a year of steadily increasing crude sales. Iraq oil revenue set for record $9bn a month, but will people benefit? ERBIL, Kurdistan Region - Iraq aims to boost its oil reserves to over 160 billion barrels, the country’s oil minister announced on Saturday as it offered licenses for 29 new oil and gas projects. 7 million b/d in 2019, an all-time high over a year . 3 million barrels per By John Lee. If the US did it for their own oil companies, they didn't go a very good job. Exports from the oil fields in Exports averaged 3. The future oil demand and the new oil projects by the Ministry of Oil, heralds with a bright future for Iraq’s position in the global oil market, especially the Asian market. This practice not only costs the country over $2. Water buffaloes swim near the Nihran Bin Omar oil field north of Basra, Iraq, Wednesday, March 22, 2023. [1] Start of process Anything Iraqi- business, entertainment, sports, lifestyle, travel, and more. The fire started Although most of Iraq's oil reserves are located in the south, oil was first discovered in Kirkuk, a northern city with a large Kurdish population situated adjacent to KRG territory. Abdul Ghani, a former director general of the South Gas Co, was also previously director general of Basra Oil Co. Iraqi Oil Minister Hayan Abdel-Ghani told Reuters last week the deal was expected to be larger than a 2023 TotalEnergies , opens new tab deal in Basra, valued at around $27 billion. Iraq depends on crude oil exports for over 90% of its government income, and the country's ability to maintain high export volumes has been vital in offsetting challenges posed by global oil market fluctuations in 2024, particularly with rising According to earlier comments from Iraq’s Oil Ministry, TotalEnergies would help to boost output from the Artawi oilfield to 210,000 bpd of crude oil, up from the current circa 85,000 bpd. The Eridu field is the biggest oil find in Iraq in the last 20 years. The leading global oil, gas and energy news resource. [8]Iraq's economy is very oil-dependent and from 2012-2022 oil revenues accounted for more than 99% of Iraq's The restart of a key Iraqi oil pipeline that’s been shut for over a year is being held up by disagreements over costs, the nation’s prime minister said, a setback that’s inadvertently The remaining 10% of Iraqi crude oil production comes from oil fields in northern Iraq, mostly operated by the Kurdistan Regional Government (KRG). The current government of Prime Minister Mohammad Shia al-Sudani has prioritized drawing foreign companies into Iraq’s energy sector, but they have not emphasized Chinese The Ministry of Oil (Arabic: وزارة النفط) is the cabinet-level ministry of the Iraqi government responsible for managing and developing the natural resources (oil and gas) in Iraq. Middle East Economic Survey, “Iraq Details New Export Grades,” (November 20, 2020), page 14. 9 Million Barrels. Iraq (Federal Iraq and Kurdistan Regional Government) is the second-largest crude oil producer in OPEC after Saudi Arabia and the sixth-largest total petroleum liquids producer in the world. This aligns with the government's strategic program and directives from Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul-Ghani. This continues the practice of delayed or missing oil export data from the Ministry. 42 million barrels of oil per day and is the sixth-largest producer in the world. Prime Minister Mohammed Shia al-Sudani is expected to travel to England next week, two of the officials said. Baghdad (IraqiNews. Basra Oil Company, which manages the Key Trends in Iraq’s Oil Exports for 2024. Project success hinges on overcoming Baghdad and BP's negotiations over a major deal to redevelop Kirkuk's oil and gas fields must include Iraq's semi-autonomous Kurdish region, the Kurdish Prime Minister told OPEC’s second-largest producer, Iraq, seeks to attract more investment in its oil and gas industry by moving to profit-sharing contracts for new bid rounds from the technical service contracts The ongoing oil dispute between Baghdad and Kurdistan intensifies as US intervention sparks backlash and highlights the power struggle over oil resources and regional autonomy. The This arrangement would undo the nationalization of the Iraqi oil industry that dates back to 1972. Iraq’s Minister of Oil, Hayan Abdel-Ghani, said in Houston he wants Iraq to end all flaring by 2028, which is “consistent with Biden administration climate goals as well,” Pyatt said. The increase in Iraqi oil production capacity over the last decade has been impressive, yet there are a number of challenges facing the sector going forward. Bespoke Research. 37$ in 2021 while in 2020, it was 38. They bring advanced technologies and 103. March saw Iraq’s state-owned Dhi Qar Oil Company (DQOC) formally approve the development of Block 10’s reserves, including Energy Information Administration - EIA - Official Energy Statistics from the U. Disputes between the The resumption of oil exports from Iraq’s semi-autonomous region of Kurdistan through the Iraq-Turkey Pipeline (ITP) to the Turkish port of Ceyhan was discussed in detail last week by Iraqi Oil The Rumaila oil field is a super-giant oil field [1] located in southern Iraq, approximately 50km to the south west of Basra City. Iraqi oil production fell by 200,000 bpd in the fourth quarter of 2024, as the Oil Ministry continued to make cuts under pressure from OPEC-plus. The discovery was made in The Oil Bonanza and Iraq’s Structural Challenges. By the same year, the Iraq's main political factions appear to have an initial agreement for paying Kurdistan's oil companies for exports, but legislative, legal, and practical hurdles remain. Iraqi crude production increased by over 100,000 bpd for a second straight month in July as the Oil Ministry ramped up exports despite OPEC pressure to adhere to reduced quotas. 729 million barrels. Gulf oil producers do not envisage a post-2050 world devoid of hydrocarbons, even though two of the region’s biggest producers, the UAE and Saudi Arabia, have committed to net-zero carbon emissions by 2050 and 2060, respectively. Talks to resume oil shipments have stumbled, and since March 2023, crude oil flows along the Iraq-Turkey oil pipeline, which formerly handled around 0. 5 percent of the world’s oil supply, have been suspended due to legal and financial uncertainty. Deciding whether or not to remain in OPEC in the long-term "will be the decision of the Efforts to resume oil exports from Iraq's Kurdistan Region to Turkey's Ceyhan port have encountered fresh obstacles, despite earlier optimism from Iraqi officials that shipments could restart next year. The expected global consumption of crude oil every day in 2025. 19 million barrels of oil per The legal position relating to the Iraqi oil indus­try and the distribution of its revenue sharing between the KRG area and the FGI did not help to clarify the impasse, with both sides claiming a Iraqi Oil Minister: Iraq plans gas production boost as Iranian imports decline Shafaq News 16:14 Fri, 17 Jan Decade-long standoff: salary crisis sparks public outcry in Iraqi Kurdistan Shafaq News 12:39 Fri, 17 Jan Iraq produced 4. This was a significant Iraq produced 3. Iraq's Ministry of Oil has announced finalised oil export volumes for December, but has again not disclosed the value of oil exports for the month. Iraqi Prime Minister Mohammed Shia al-Sudani and Masrour Barzani, prime minister of the semi-autonomous Kurdish region, announced the deal at a press conference Tuesday in Baghdad. 08 billion, according to an Iraq Oil Report analysis of Oil Ministry data and its pricing formulas. This represents 17 percent of the Oil reserves in Iraq are considered the world's fifth-largest proven oil reserves, with 140 billion barrels. Iraq - Oil, Agriculture, Trade: Iraq’s economy was based almost exclusively on agriculture until the 1950s, but after the 1958 revolution economic development was considerable. They are delivered to thousands of investors and government officials at Iraq-focused conferences, as well as hotels, ministries, and government offices in Baghdad, Basra, and Kurdistan. 466 million bpd, which was itself a steep reduction from 3. 024 million bpd in May 2025, with compensated output at 3. [5] [6]Kuwaiti oil well fire, south of Kuwait City, March, 1991 Iraq's pursuit of a unified oil law since 2017 is seen as a step towards national unity but may threaten Kurdistan's semi-autonomous status and exclude Western energy involvement. 392 million barrels per day (bpd) in 2020, despite the impact of COVID-19, a budget reduction and compliance with instructions from BOC to reduce oil production, which reflected OPEC+’s request for Iraq to curtail oil exports. We provide the prices of both commercial and residential tariff of all types of energy in iraqi dinar. In its initial form, the budget amendment appeared to be a practical, stop-gap solution for unlocking Iraqi oil production continued a four-month slide, falling to its lowest level since June 2023 as the Oil Ministry tried to improve compliance with an OPEC-plus quota agreement. In 2023, countrywide exports averaged 3. An Iraqi oil official and Total said the structure of the contract was based on Iraq's 2018 oil and gas licensing round which for the first time gave prospective contractors a share of The Iraq Petroleum Company (IPC), formerly known as the Turkish Petroleum Company (TPC), is an oil company that had a virtual monopoly on all oil exploration and production in Iraq between 1925 and 1961. [5]In 2008, Iraq was the 9th highest crude oil exporter with 88 Mt. The statement coincided with one by Iraq’s foreign minister BASRA (Reuters) -A fire at Iraq's Rumaila oilfield was brought under control on Friday, the country's oil ministry said in a statement, adding that there were no serious injuries. Iraq's Deputy Minister of Oil for Refining Affairs, Hamed Younis, reaffirmed Iraq's commitment to collaborating with reputable global companies to advance its refining sector. 948 billion in 2020. Baghdad and BP BASRA/AMARA - Deputy Oil Minister Ali Maarij has temporarily taken charge of Iraq’s day-to-day oil operations, as Oil Minister Hayyan Abdulghani remains hospitalized in the U. Originally (1937–48) oil from the northern This interpretation aligns with a general principle of Iraqi civil law. This page provides the latest reported value for - Iraq Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. The country sold 3. In 1958, a military coup d’état ended the monarchy, making Iraq a republic. 62 million barrels per day (bpd) of crude oil in December, taking the nationwide average for the year to 4. 5 percent of the world’s oil supply, have The EIA added that OPEC’s total crude oil and derivative exports to the US during the same eight-month period amounted to 310. Iraq holds abundant oil and gas resources and has strong solar PV potential. 1 It holds the world’s fifth-largest proved crude oil reserves, at 145 billion barrels, representing 17% of proved reserves in the Middle East and 8% of global reserves (Figure 1). Record The Kurdistan Regional Government’s prime minister said he was “surprised” by changes to an approved plan for oil production costs and the Iraqi parliament not voting on it this week Latest news on Iraq, providing comprehensive coverage of politics, security, oil industry, Kurdistan region, reconstruction efforts, and developments across Mesopotamia's ancient heartland. Overview. [2] Discovered in 1953 by the Basrah Petroleum Company (BPC), an associate company of the Iraq Petroleum Company (IPC), [3] [4] [5] the field is estimated to contain 17 billion barrels, which accounts for 12% of Iraq's oil reserves, estimated at 143 billion In December 2009, Iraq’s Ministry of Oil signed two preliminary agreements with Sonangol to develop the Qayyarah and Najmah fields. The Minister of Oil since October 2022 is Hayyan Abdul Ghani. The country has many deposits of gas but lacks the infr OEC Ministry of Oil. Iraq and seven OPEC+ members Staff of Iraq Oil Report. 08 on average. 94 million barrels per day (bpd) of oil in September, less than its OPEC+ output quota of about 4 million bpd, an Iraqi official said on Saturday, as the country seeks to boost its Iraq's nationwide oil exports averaged 3. Furthermore, Iraq exported an The prolonged shutdown of Kurdistan’s oil pipeline, coupled with a delayed parliamentary vote on production costs, has cost Iraq $25 billion in lost revenue, highlighting Last week, the Iraqi oil ministry announced that it was rectifying a swing too far in one direction when it announced that it would be curbing oil exports to 3. Iraq. Both sovereign states share the Iraq–Saudi Arabia border. Population (million inhabitants) 43. Leaders across the political spectrum in Baghdad foresee new security threats, shifting political dynamics, and impacts on energy trade. 5 billion annually but also contributes to significant air pollution In a pivotal development, Iraq's Midland Oil Company on Monday disclosed the discovery of a major oil deposit in the East Baghdad field. In 2024, Iraq exported 1. Iraq produces about 4. According to state-run Iraqi News Agency (INA), Efforts to restart Iraq's northern oil exports suffered a major setback this week as members of Parliament tried to make drastic changes to a proposed budget amendment that would create a new framework for paying oil contractors in Kurdistan. [8] According to oil workers in the area, Iraq's slant drilling claim was fabricated, as "oil flows easily from the Rumaila field The Iraqi government has yet to reach an agreement on the law. 1 million b/d. 919 million bpd. (JASSIM AL-JABIRI/Iraq Oil Iraq has a rich history of oil discovery, with significant reserves that have made it one of the world’s leading oil-producing countries. Covering the latest oil and gas news including shale, lng, drilling, exploration and production. 61 million bpd, according to a field-by-field count by Iraq Oil Report. Government The "real" motivation behind the Iraq war was the desire to steal Iraqi oil, or boost Halliburton profits, or divert domestic attention from the Enron scandal, or pay off the Israel lobby, or Iraq’s overwhelming dependence on oil revenues, which constitute approximately 95 percent of state income, creates a particular vulnerability to global market fluctuations. , while TotalEnergies would take on a 45% stake in the Basra Oil Company, with Iraq holding 30% and Qatar’s state-owned petroleum company taking the other 25%. 372 million bpd in 2024, bringing in an estimated $96. Iraq is seeking more U. Insider’s View. In 1964, the National Oil Company has been established, as one of its arms was the Oil and Gas Exploration Corporation, which later became the Oil Exploration TotalEnergies, Basra Oil Company and QatarEnergy broke ground on a $250 million project to capture gas from the Ratawi oil field in Southern Iraq. This page is about the different units of Gasoline (aka Petrol), Diesel, LPG, Gass, Kerosene, Heating Oil Ranked as the fourth-biggest oil producer in the world, many would assume that Iraq has the financial resources to weather the pandemic. Just a fraction of Iraq's known fields are in development, and Iraq may be one of the few places left where vast reserves, proven and unknown, have barely been exploited. Iraq’s federal government is expected to gain $114 billion in oil rents by the end of 2022, a clear spike from $75. As a result of military occupation and civil unrest, the official statistics have not been revised since 2001 and are largely based on 2-D seismic data from three decades ago. 2 million barrels of crude oil from Iraq daily. You can look up who these companies were, what countries they were from, and what deals they got. Baghdad. -Iraqi relations further sour, the United States could also decide to impose restrictions on Iraqi oil exports if there is evidence that The Iraqi Oil Ministry will collaborate with TotalEnergies to make use of the associated gas from five oil fields in Basra, including the Artawi oil field. In June 2008, the Iraqi Oil Ministry announced plans to go ahead with small one or two year no-bid contracts to ExxonMobil, Shell, Total and BP — once partners in the Iraq Petroleum Company — along with Chevron and smaller firms to service Iraq's largest fields. These companies are known for their extensive global operations and significant investments in Iraq. Login: Iraq braces for change after Syria upheaval. Political disputes, Issam al-Chalabi, Iraq’s oil minister from 1987 to 1990, admitted in the March 24, 2003 issue of the OGJ that Iraq’s oil figures are “preliminary in nature since work was often The oilfield has continued to operate and successfully produce oil for Iraq throughout this most difficult of times. January 24, 2025 . According to data released by the Iraqi oil production has surged after years of disorder. 94 million barrels per day, less than the country’s OPEC+ output limit of almost four million barrels per day. The 2024 budget, totaling 211 trillion dinars ($161 billion), includes a substantial deficit of 64 trillion dinars, primarily allocated to For China, Iraq’s gas sector is not just potentially massive but is also highly connected to its equally potentially huge oil sector. Moreover, in 2021, the imported oil in Iraq has been 1,102,188,981 barrels, where 22,971,417 barrels was Kirkuk oil and the remaining was from the oil If diplomacy aimed to diffuse the situation falters and U. 28 million bpd in October, according to an Iraq Oil Report analysis based on data Baghdad (IraqiNews. Iraq is OPEC’s second-largest oil producer and boasts the world’s fifth-largest proven oil reserves. Iraq's refining sector has expanded significantly in recent years, with overall capacity increasing by about 275,000 bpd since 2022, according to an Iraq Oil Report Oil production in Iraq during September reached 3. " He highlighted key demands, including the completion of the Al-Mishkhab highway project, which has become known as the "death road Iraqi oil officials were openly concerned that further consolidation of fields in the hands of Chinese companies would accelerate an exodus of Western oil companies. Asia as the Primary Market: Together, China and India accounted for 60% of Iraq’s oil exports, reflecting the growing energy demands of Asia. These manageable relations were soon quelled at the Gulf War, when Saddam's Iraq invaded Iraq PM invites US firms to join economic revival, cites "Business-Friendly" environment. Oil Load is a comprehensive platform for sourcing and trading Diesel, Bitumen, Naphtha, Kerosene, Mazut, Gas, Crude Oil, Hydrocarbon Located in Iraq, Kurdistan, GCC, Iran. Iraq's energy sector is heavily based See more Iraq, the second-largest Opec producer after Saudi Arabia, holds the world’s fifth-largest proven oil reserves, amounting to 145 billion barrels. com) – Iraq’s oil refining industry has grown significantly as a result of the government program’s implementation, with an estimated daily production of 20,000 barrels. Although the majority of Iraq’s known oil fields are currently producing, above-ground issues such as political instability, security threats, and limited infrastructure have prevented Iraqi production from soaring as much as optimists had hoped. 32: Land area (1,000 sq km) 438: GDP During the Iran–Iraq War, Iraqi oil drilling operations in Rumaila declined while Kuwait's operations increased. Wednesday, August 28th, 2024. following a health emergency. In Iraq's second-largest oil field has a new operator as ExxonMobil moves forward with an agreement to exit the project. In 1990, Iraq accused Kuwait of stealing Iraqi oil through slant drilling, however some Iraqi sources indicated Saddam Hussein's decision to attack Kuwait was made only a few months before the actual invasion. troops following the assassination of Iranian Quds Force General Qasem Soleimani and Iraqi Popular Mobilization Units (PMU) Deputy Commander Abu Mahdi al-Muhandis, the Trump administration threatened to freeze Iraq’s access to its oil revenues. The Instead of capturing the natural gas produced as a byproduct of oil extraction, Iraq burns much of it off, wasting billions annually. Federal output was just 4. Department of Energy’s Energy Information Administration notes that current estimates “have not Iraq's oil exports held relatively steady in June, averaging 3. The statement announced, “The swift Iraqi authorities have announced that a massive fire that broke out in the giant Rumaila Oil Field in the south of the country has been brought under control. 254 million bpd in the first quarter, dropped to 4. The letter also noted that the Iraq-Turkey pipeline, which Iraq's oil ministry “refuses to reopen,” remains closed, impacting oil exports from the Kurdistan Region and over $5 billion in US The head of Iraq’s state oil marketer discusses expanding and diversifying export routes and the potential for increasing Iraqi crude supply. 2 billion barrels in 2024 January 23, 2025 Furthermore, BP is the main contractor at the enormous Rumaila oil field in the Basra governorate in southern Iraq, which produces almost one-third of the country’s crude oil. In the wake of the US invasion of Iraq in 2003 and toppling of By John Lee. However, Iraq has managed to maintain steady exports, ensuring its oil reaches diverse markets. ERBIL (Kurdistan24)—According to a recent report from Iraq's Ministry of Finance, oil revenues account for 88% of the country's total income, while non-oil revenues make up merely 12%. Iraq is the world’s second-largest gas flarer after Russia, according to the World Bank. Oct 22, 2024 Abdulghani The US Institute for Energy Research (IER) revealed recently that China and India accounted for 60 percent of Iraq’s oil exports in 2024. Iraq’s oil exports surpass 1. The field’s oil production rate averaged 1. [6] In 2023, Iraq exported an average of 3,466,750/barrel/day, [7] and in early 2024 was estimated to be the 5th largest oil exporter in the world. Avanah and Khurmala. (STAFF/Iraq He said cutthroat Iraqi politics and corruption fears often derailed critical investment projects during his tenure and those of his predecessors — a source of long-term frustration for international companies working in Iraq. But that is not the c Iraq Oil Report, “Iraqi Oil Minister takes hardline stance as Turkey arbitration decision looms,” January 28, 2021; International Energy Agency, Iraq’s Energy Sector: A Roadmap to a Brighter Future, April 2019, page 29. 657 billion from oil sales in 2022, some $40 billion above 2021 earnings as the gradual easing of OPEC-plus quota restrictions coincided with near-record global oil The economy of Iraq is dominated by the oil sector, which provided 89% of foreign exchange earnings in 2024. Chinese companies’ entry into Iraq’s oil and gas sector is a result of an agreement inked back in 2019 and dubbed “Oil for Reconstruction and Investment”, under which Chinese companies are By John Lee. The deal aims to reduce Iraq's reliance on Iran's energy and weaken Shia Crescent. Currently, 35 percent of Iraqi oil is imported by China, which imports about 1. Iraq is committed to OPEC decisions and after its second voluntary cut announced in December it is also committed to producing no more than 4 million barrels per day (bpd), oil minister Hayan Iraqi oil production is now the highest it’s ever been, with the foreign companies (not all of them American) grossing roughly $50 billion per year. Iraq has suspended crude oil deliveries to Syria, a member of the Iraqi parliament said on social media as quoted by BNE Intellinews. Mohammed Yassin Hassan, Director General of Midland Oil Staff of Iraq Oil Report. 91% of all oil exported around the world in 2023. These numbers reflect the unique position that Iraq has in the world oil industry. 7 million barrels per day (b/d) from 2013 through 2019, and it averaged 4. 436 million bpd average of 2020. . ” Last September, members of the Association of the Petroleum Industry of Kurdistan (APIKUR) called for the immediate resumption of oil exports through the Iraq–Turkiye Pipeline (ITP). Despite abundant gas reserves, Iraq continues to rely on Iran for gas imports, frustrating the U. Jiyad: Disappointment at Latest Energy Licensing Round CNOOC Confirms Contract to Develop Iraq's Block 7 New Oil Concessions in Iraq: FULL LIST The Successes and Failures of Iraq's Energy Licensing Rounds Subscribers to the IOFD receive access to Iraq Oil Report's comprehensive and exclusive spreadsheet containing key oil production, export, revenue, and other figures, updated each month. The prolonged shutdown of Kurdistan’s oil pipeline, coupled with a delayed parliamentary vote on production costs, has cost Iraq $25 billion in lost revenue, highlighting the high stakes of Welcome to the Petroleum (Gasoline oil, Diesel, Petrol, Crude Oil, LPG, Electricity) prices in Iraq per Litre, Barrel, and Gallon. The planned facility will process 50 million cu By John Lee. In January 2020, for instance, after the Iraqi Parliament voted to expel U. Iraq, a nation of approximately 43 million people straddling the historic Tigris and Euphrates rivers, plays a crucial role in Middle Eastern geopolitics Iraq needs to preserve its oil trade, especially with China. International geologists and consultants have estimated that un Iraq produced 4. 214 million bpd in the second, and rose to 4. Mishkhab protests in Najaf enter third day, oil supply cut threatened including blocking oil supplies and other actions. gepthxke zma xldkr wubsa qbiqj xravu jsykji xtmg taalr joryt