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Iraq May Not Reach 2027 Oil Output and Capacity Targets


Iraq's oil output and capacity may peak following growth of around 25% over the next five years according to Reuters sources.

  • Output may fall short of 2027 targets of 7-8mbpd capacity. Capacity may peak at 6.3mbpd by 2028 before declining according to FGE and Rystad Energy see capacity limited to 5.5mbdp by 2027.
  • Iraq's output has held around 4.5mbpd since 2016 after rising from 2009 after the government opened up the sector and international oil companies increased output from biggest oilfields.
  • Iraq’s new energy minister is attempting to attract investment, but OPEC production quotas and political infighting has limited the opportunity to invest in growing output more quickly.
  • Iraq current OPEC production target is 4.43mbpd until December and Feb 2023 output was 4.387mbpd according to OPEC.

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