Iraq energy storage field in 2022

Why did Iraq increase its crude oil output in 2022?

Iraq, one of the members of the OPEC+ agreement, raised its crude oil output (excluding condensates) in 2022 by nearly 400,000 barrels per day (b/d) from an average of less than 4.1 million in 2020 and 2021 to more than 4.4 million b/d, after the OPEC+ members reversed the significant production cuts made in 2020.

What is Iraq's crude oil production capacity in 2023?

We estimate that Iraq’s effective crude oil production capacity was 4.4 million b/d as of mid-2023, down from 4.8 million b/d at the beginning of 2023. The addition of a new refinery and restoration of some equipment at the Basra export terminal boosted production capacity in 2023.

What is Iraq's crude oil production capacity?

We estimate that Iraq’s crude oil production capacity was 4.6 million b/d as of mid-2022, down from 4.8 million b/d in 2020. Export infrastructure at the southern oil terminals is constrained, and midstream projects are often delayed because of insufficient investment and bureaucratic hurdles.

Why are oil projects delayed in Iraq?

Export infrastructure at the southern oil terminals is constrained, and midstream projects are often delayed because of insufficient investment and bureaucratic hurdles. Iraq’s rising oil production since the second half of 2020 depleted its spare capacity to less than 200,000 b/d by mid-2022.4

What is the future of electricity supply in Iraq?

The future of electricity supply in Iraq can be achieved through several pathways, but the most affordable, reliable, and sustainable approach involves reducing network losses by at least half, strengthening regional interconnections, utilizing captured gas in efficient power plants, and increasing the share of renewables in the energy mix.

Will Iraq boost southern oil export capacity?

East Economic Survey, “Iraq Crude Oil Exports Push Against Capacity Constraints”, May 6, 2022; Reuters, “Iraq to boost southern oil export capacity from second quarter – source”, January 11, 2022.