Iraq intends to increase its oil production capacity to over 6 million barrels per day (bpd) by 2029, according to a report from the state news agency citing the country’s oil ministry on Sunday.
Oil Ministry Undersecretary Bassem Mohamed Khodeir stated that Iraq plans to reach this target through oil exploration and expanded drilling operations across the country. He highlighted a recent agreement with oil giant BP to redevelop four oil and gas fields in Kirkuk as part of these efforts.
Currently, Iraq’s oil production stands at approximately 4 million bpd, according to ministry officials.
As the second-largest producer in the OPEC+ alliance, which includes the Organization of the Petroleum Exporting Countries and its partners like Russia, Iraq reaffirmed its commitment to the group’s output agreement last month. The country also announced plans to submit an updated strategy to compensate for any past overproduction.
OPEC+ has been reducing output by 5.85 million bpd—about 5.7% of global supply—through a series of agreements implemented since 2022. The group is set to begin planned production increases starting in April.
