Iraq aims to increase its daily oil production to 7 million barrels by 2027. Alaa Al-Yasiri, head of the state-owned oil company (SOMO), stated that Iraq plans to boost its production to 7 million barrels per day by 2027. Currently, Iraq produces around 5 million barrels of oil daily, though its output in October this year was approximately 4.6 million barrels, which aligns with the production quota agreed upon by OPEC+.
Additionally, Al-Yasiri noted that this increase in capacity will come from the country’s major oil fields currently under development. These include the Rumaila and West Qurna fields, operated respectively by a joint venture (BP and PetroChina) and Lukoil.
Last month, British Petroleum (BP) held discussions with Iraq’s Ministry of Oil regarding increasing production at the Rumaila field to its peak of 1.7 million barrels. Last year, Iraq’s then-Oil Minister, Ihsan Abdul Jabbar, stated that Lukoil plans to double its production to 2.8 million barrels per day by 2027.
Al-Yasiri added that there are also fields still in the development or early production stages that show promising production potential. He emphasized that the Ministry of Oil is focused on increasing production rates and export ceilings in line with global crude oil market requirements and OPEC decisions. He further noted that Iraq currently produces 4.65 million barrels per day, making it the second-largest OPEC producer after Saudi Arabia, with a significant share in the energy market.