Iraq's Ambitious Oil Expansion Plans Set Sights on 2029

Iraq aims to boost its oil production capacity to over 6 million barrels per day by 2029. With current output at 4 million bpd, the country plans to use exploration and a partnership with BP for this ambitious target. Iraq, an OPEC+ leader, remains committed to global output agreements.

Iraq is gearing up to significantly enhance its oil production capacity, aiming for more than 6 million barrels per day by 2029. This strategic move was announced by the country's oil ministry through its state news agency.

The strategy involves bolstering oil exploration and ambitious drilling activities nationwide, with a noteworthy collaboration with oil major BP to redevelop four vital Kirkuk oil and gas fields. As of now, Iraq's oil production capacity stands at approximately 4 million barrels per day.

As the second-largest producer within the OPEC+ alliance, Iraq has reiterated its commitment to the group's output agreement. Last month, the nation confirmed it would update plans to address previous overproduction, aligning with OPEC+'s global supply management strategy.

(With inputs from agencies.)