Iraq aims to double oil production to 10 million barrels per day

Iraq aims to significantly increase its daily oil production to between 8 and 10 million barrels within the next six years. This target represents a substantial rise from the approximately 4 million barrels per day produced prior to conflicts with Iran.

To facilitate this growth, Prime Minister Ali al-Zaidi has dispatched the ministers of Finance and Oil to Saudi Arabia to lobby OPEC+ for higher production quotas. The approval of these new limits depends on an upcoming independent assessment by the consultancy firm DeGolyer and MacNaughton. This report, expected in late September, will serve as the foundation for 2027 production baseline negotiations.

Beyond quota negotiations, Iraq faces significant logistical challenges. The closure of the Strait of Hormuz by Iran has disrupted primary export routes. While Iraq has recently managed to restore exports through this route to roughly 2 million barrels per day, volumes remain below historical levels. Consequently, the government is seeking to diversify export routes through Turkey, Jordan, and Syria to bypass existing bottlenecks.