Iraq's Ambitious Oil Capacity Expansion by 2029

Iraq aims to boost its oil production capacity to over 6 million barrels per day by 2029, leveraging partnerships such as its recent deal with BP. Currently producing 4 million bpd, this move aligns with its strong position within the OPEC+ group, which is adjusting global supply dynamics.

Iraq is setting its sights on increasing oil production capacity to over 6 million barrels per day (bpd) by 2029, according to the country's oil ministry. This ambitious target underscores a strategic approach to harnessing more of its vast reserves.

Oil ministry undersecretary Bassem Mohamed Khodeir highlighted a significant partnership with BP to redevelop key oil and gas fields in Kirkuk as part of this drive. The current production level in Iraq is approximately 4 million bpd, indicating a significant planned ramp-up.

As OPEC+'s second-largest producer, Iraq's expansion is set against a backdrop of adjusted production quotas. OPEC+, which includes nations such as Russia, is in the process of incrementally increasing supply after a series of cuts to stabilize global markets.

(With inputs from agencies.)