2023 iraq industrial and commercial energy storage

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.

Will Iraq launch a 1,000 MW solar project in 2023?

72 Zawya, “Total set to launch 1,000 MW power project in Iraq,” June 6, 2023; Middle East Economic Survey, “TotalEnergies Becomes Iraq’s Key Foreign Player With Closure Of $27bn Megadeal”, July 14, 2023; Middle East Economic Survey, “Baghdad Approves Solar Projects”, June 2, 2023.

What is Iraq's refining capacity?

Iraq’s total operating refining capacity is about 1.2 million b/d.27 The Iraqi government plans to reduce petroleum product imports by rehabilitating the refining sector and building new refineries, but the government has struggled in its efforts to attract the foreign investment needed in the downstream sector.

Does Iraq approve a $153 billion budget?

Ahmed Rasheed and Timour Azhari, Reuters, “Iraq approves record $153 billion budget including big public hiring,” June 11, 2023. International Monetary Fund, 2022 Article IV Consultation with Iraq, February 2023, Table 2, page 27. U.S. Energy Information Administration, OPEC Revenues Factsheet, June 2023.

When will Iraqi crude oil imports reopen?

90 Reuters, “UPDATE 1-Jordan announces resumption of Iraqi crude oil imports,” May 22, 2023; The Arab Weekly, “Jordan announces resumption of Iraqi crude oil imports,” May 23, 2023.

How much oil does the KRG produce in 2023?

Federal Iraq’s 2023 budget stipulates that the KRG release 400,000 b/d of crude oil to Federal Iraq in return for a portion of the federal budget. However, the closure of the pipeline from the KRG to Turkey in March 2023 hampers the KRG’s ability to produce 400,000 b/d because of the limited outlets to southern Iraq.