About our Iraq Oil news
Latest news on Iraq oil, covering production, OPEC quotas, investments, Kurdish disputes, Baghdad policies and international energy markets.
As OPEC's second-largest producer with proven reserves exceeding 145 billion barrels, Iraq's oil sector remains crucial to both its economy and global energy markets. The country currently produces approximately 4.5 million barrels per day, with the oil industry accounting for over 90% of government revenue and 99% of export earnings.
Recent developments include Iraq's ongoing negotiations with international oil companies to increase production capacity to 8 million barrels daily by 2028. However, challenges persist with OPEC production quotas, infrastructure limitations, and political instability affecting investment. The disputed oil-rich regions around Kirkuk continue to create tensions between the Kurdistan Regional Government and Baghdad, complicating unified national energy policies.
Beyond the economics, Iraq's oil industry directly impacts local communities across the country's southern provinces and Kurdistan region. Thousands of Iraqis work in the sector, though many citizens remain critical of how oil wealth is distributed. Environmental concerns have also grown as local activists highlight pollution issues around Basra's oil fields and call for more sustainable practices.
Iraq's petroleum history stretches back to 1927 when oil was first discovered at the Baba Gurgur field near Kirkuk. Following decades of nationalisation, sanctions, and conflict, the post-2003 era has seen efforts to modernise the sector. The Oil Ministry has recently focused on reducing gas flaring, developing refining capacity, and building strategic export infrastructure including the expansion of southern terminals.
Our NewsNow feed on Iraq's oil industry brings you comprehensive coverage from reliable sources, keeping you informed about this vital sector that influences both regional politics and global energy markets. Whether you're following investment opportunities, production trends, or policy developments, our constantly updated feed ensures you never miss crucial developments in Iraq's petroleum landscape.