Iraq Plans to Boost Oil Production to Over 6 Million BPD by 2029

Expansion Strategy and Target

Iraq aims to increase its oil production capacity beyond 6 million barrels per day (bpd) by 2029. The plan involves extensive oil exploration and nationwide drilling activities to achieve this goal.

Current Production and OPEC+ Commitment

The country’s current oil output stands at approximately 4 million bpd. As the second-largest producer within the OPEC+ group, Iraq has reaffirmed its commitment to the organization’s output agreement. It has also pledged to present an updated plan to compensate for any past overproduction.

Partnerships and Development Projects

A key step toward Iraq’s production goals is its agreement with BP to redevelop four Kirkuk oil and gas fields. This partnership is expected to contribute significantly to increasing output.

OPEC+ Production Cuts and Market Impact

OPEC+ has been implementing production cuts of 5.85 million bpd since 2022, equivalent to around 5.7% of global supply. These cuts are set to ease with scheduled supply increases beginning in April. Iraq’s expansion plans will need to align with these global production adjustments.

“Iraq Plans to Boost Oil Production to Over 6 Million BPD by 2029”