Iraqi oil production can be increased to 7 million barrels per day by 2025

The Iraqi Oil Minister, Ihsan Abdul-Jabbar, stated that Iraq currently has a production capacity of 5 million barrels per day, which can be increased to 7 million barrels per day by 2025, and that Iraq may dispense with importing gasoline in 2023.

With regard to natural gas projects, the Minister of Oil pointed out that “80% of gas projects are on the way to completion, and that the giant” “Artawi” project in Basra Governorate may take a longer time to complete because it is one of the mega projects. He also stressed that in 2025 Iraq will be self-sufficient in natural gas and dispensing with importing gas from abroad, and all gas burning operations in the oil fields will cease.
Iraq is the second largest producer of crude oil in the Organization (OPEC) after the Kingdom of Saudi Arabia. Oil represents 90% of Iraq’s budget revenues, so the Iraqi economy was severely affected by the drop in crude prices during the Corona pandemic crisis, and it also reduced its exports to comply with the production cuts set by the Organization of the Petroleum Exporting Countries (OPEC). Since the beginning of August 2020, Iraq has fully complied (100%) with the production cuts decided by the (OPEC +) group.