Skip to content Skip to Search
Skip navigation

Iraq targets 6m bpd crude oil output by 2028

By Pramod Kumar
An oil field in the Dibis area on the outskirts of Kirkuk, Iraq. The government plans to launch major projects in the oil, gas and petrochemical sectors Reuters/Alaa Al-Marjani
An oil field in the Dibis area on the outskirts of Kirkuk, Iraq. The government plans to launch major projects in the oil, gas and petrochemical sectors

Iraq will increase its crude oil production to 6 million barrels per day (bpd) by 2028, a senior government official has said.

The ambitious plan aims to support production levels and increase exports, state-owned Iraqi News Agency (INA) reported, citing deputy minister for extraction affairs Basim Khudair.

Iraq, the second-largest producer in Opec, extracts more oil than allowed under its official quota. It has repeatedly pledged to compensate for the additional quantities of crude it has pumped. However, during the first half of 2024, it overproduced 1.2 million bpd, according to an assessment by secondary sources cited by Opec.

Person, Electronics, Mobile Phone

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

In March, Baghdad agreed to cut its crude exports to 3.3 million bpd to compensate for exceeding its Opec+ production quota, but it continued to overproduce until a new agreement was put in place in July.

The country’s crude oil exports range between 3.35 and 3.4 million bpd.

Following the August visit of the Opec secretary general to Iraq, Baghdad reiterated it would reduce its oil output “in the coming months”.

Opec members’ non-compliance with quotas offsets the producer group’s efforts to push prices up.

Last week, eight Opec+ members, including Iraq, agreed to delay the gradual return of oil output to boost crude prices.

Iraqi prime minister Mohammed Shia Al-Sudani revealed plans for major oil, gas and petrochemical projects during a meeting with senior executives of US Oilfield services company Baker Hughes.

The Iraqi market is a promising one and the government is planning major projects in the oil, gas and petrochemical sectors, Al-Sudani said.

Latest articles

Gulf airlines, Gulf airlines conflict, Gulf conflict risk, Gulf flights cancelled rerouted

Conflict risk leads Gulf airlines to cancel regional routes

Gulf airlines are among airlines that have cancelled and rerouted flights across the Middle East as the conflict between Iran and Israel escalates. They are avoiding Iranian airspace and many have cancelled routes entirely following a major missile attack by Iran against Israel on Tuesday. Immediately after the attacks about 80 flights operated by carriers […]

Taaleem's schools offer 'exclusive educational experiences' including access to high-tech equipment profits

Dubai school operator Taaleem increases profit by 55%

Dubai school operator Taaleem has reported revenue of AED945.2 million ($257.3 million) for its 2023-24 financial year – a 15.5 percent year-on-year increase. More student enrolments and the opening of new schools helped Taaleem to increase net profit before tax by 55 percent, to AED182 million, in the financial year ending August. Taaleem’s shares were […]

Shein IPO

Mubadala-backed Shein courts investors before London IPO

Chinese fashion retailer Shein, which is backed by the Abu Dhabi sovereign wealth fund Mubadala, is courting European investors before an initial public offering on the London Stock Exchange. Shein is due to hold informal meetings to answer questions and test the investment appetite of major investors in the coming weeks, before its planned IPO […]

Workers stand on a scaffold in Dubai. Building a high rise in the UAE can be as much as two thirds cheaper than in other major cities

Apartments in UAE among cheapest to build in the world

Building a standard residential high-rise in Dubai or Abu Dhabi is up to two-thirds cheaper than in other major global cities, thanks to land, labour and raw materials all costing much less. Land is up to three times cheaper in the UAE compared with the prices paid in New York, London, Hong Kong and Singapore […]