Iraq Targets 10 Million Bpd Oil Capacity by 2030

Iraq's 2027-2030 oil strategy aims to lift crude production capacity to nearly 10 million barrels per day while expanding export infrastructure, exploration and international investment.

Iraq's 2027-2030 Strategy Targets Nearly 10 Million Bpd

MONTREAL (Oil Monster): Iraq is preparing to implement a major expansion of its oil industry. The country's new four-year strategy aims to lift its crude production capacity to almost 10 million barrels per day (bpd) by 2030.

Prime Minister Ali Al-Zaidi reviewed the proposed 2027-2030 development program with senior government officials, including the oil and finance ministers. The plan seeks to expand output and export infrastructure. It will also focus on optimizing the use of Iraq's huge petroleum reserves.

Kurdistan Output and Exploration Are Part of the Plan

The strategy proposes increasing production from oilfields in the Kurdistan Region and opening additional areas for exploration.

Baghdad plans to invite leading international energy companies to a major investment conference, with a focus on attracting capital investment to support the introduction of the latest technology and modern production methods into the sector.

Iraq's Current Crude Capacity Remains Above 4.5 Million Bpd

Iraq currently has official crude capacity of slightly more than 4.5 million bpd, although actual output has recently been much lower. Before the Iran-US conflict, Iraq's exports exceeded 4 million bpd.

Iraq Holds About 145 Billion Barrels of Recoverable Crude

The country has about 145 billion barrels of recoverable crude reserves, according to the Arab Energy Organisation, placing it among the world's leading oil holders. Southern fields account for much of Iraq's production.

International Oil Companies Are Already Involved

Several international companies, including ExxonMobil and TotalEnergies, are already involved in expansion projects in the country.