• Iraq (Federal Iraq and Kurdistan Regional Government) is the second-largest crude oil producer in OPEC after Saudi Arabia and the sixth-largest total petroleum liquids producer in the world.¹ It holds the world’s fifth-largest proved crude oil reserves, at 145 billion barrels, representing 17% of proved reserves in the Middle East and 8% of global reserves (Figure 1).² Most of Iraq’s major known fields—all of which are located onshore—are producing or are in development.³ Most of Iraq’s crude oil is located in the southern Basra region, the Diyala region east of Baghdad, and the northeastern Kirkuk region.⁴
• After holding parliamentary elections in October 2021, Federal Iraq took a year to form a consensus government under the leadership of Mohammed Shia al-Sudani. This government gridlock delayed key legislation, the passing of an annual budget, and financing for major energy projects by the government and foreign investors.⁵ After not having a budget for 2022, Iraq approved annual budgets for 2023, 2024, and 2025 in June 2023 that included funding for infrastructure projects.⁶
• Crude oil export revenues account for a large part of Iraq’s economy. In 2022, crude oil export revenue accounted for an estimated 95% of Iraq’s total government revenues, according to the International Monetary Fund (IMF).⁷ Iraq’s net oil revenues rose to $131 billion in 2022 from $92 billion (2022 dollars) in 2021, driven by higher oil prices and increased production.⁸ We expect that the decrease in global oil prices and lower crude oil production in Iraq in 2023 (following the OPEC+ cuts and supply disruptions in northern Iraq) will significantly decrease Iraq’s oil export revenues.⁹
• Iraq consumed an estimated 2 quadrillion British thermal units of total primary energy in 2021, making it the fifth-largest energy consumer in the Middle East behind Iran, Saudi Arabia, the United Arab Emirates, and Qatar.¹⁰ Natural gas and oil accounted for almost all of Iraq’s total primary energy consumption; hydropower and solar energy contributed marginally (Figure 2). Iraq will continue to mostly use oil to meet energy demand until it develops more natural gas processing capacity and pipeline infrastructure.

Kurdistan Regional Government and Federal Iraq

• Federal Iraq refers to the political entity that is governed by the central government of Iraq in Baghdad. The Kurdistan Regional Government (KRG), the official ruling body of the semi-autonomous region in northern Iraq that is predominantly Kurdish, has been involved in disputes with the central government related to sovereignty for about three decades.
• KRG oil production fell after reaching nearly 470,000 barrels per day (b/d) in 2019 to less than 440,000 b/d by 2022.¹¹ The KRG’s payment delays to international oil companies (IOCs) over the past few years, along with the region’s exploration fields that have not yielded expected results drove these declines. As a result, IOC investment over time in exploration and field development has declined.¹²
• We expect that 2023 crude oil production from the KRG will decline on an annual basis because of the Iraq-to-Turkey (ITP) pipeline closure at the end of March 2023 and the limited outlets to sell crude oil production locally to refiners (see the Energy Trade section for more details). Although most of the production in northern Iraq was shut in or placed into storage after the pipeline stopped operating, the KRG fields increased production from nearly 120,000 b/d in April 2023 to around 200,000 b/d in August 2023. This crude oil travels mostly to northern refineries, although these outlets have reached their capacity.
• 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. The KRG sent around 85,000 b/d to Federal Iraq in August 2023, up from 35,000 b/d in July. Federal Iraq sends this volume to the refinery in Erbil for processing and local consumption.¹³ Following the Iraq-to-Turkey pipeline closure, the KRG has had a hard time making a profit and has received loans from Federal Iraq over the past several months to pay civil servant salaries.¹⁴
• The IOCs that are producing crude oil in the KRG region have to sell their crude oil production for much lower revenues than before the ITP pipeline closed. Federal Iraq’s new budget does not compensate these producers with the revenues they previously received from their contracts with the KRG. IOCs are requesting that they be compensated based on the agreement with the KRG, and the lack of resolution likely will affect future investment and the ability to raise production if and when the ITP reopens.¹⁵

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Petroleum and other Liquids

• Iraq, one of the members of the OPEC+ agreement, raised its crude oil output (excluding condensates) in 2022 by nearly 400,000 barrels per day (b/d) from an average of less than 4.1 million in 2020 and 2021 to more than 4.4 million b/d, after the OPEC+ members reversed the significant production cuts made in 2020. The central government in Baghdad produced about 4 million b/d, and the KRG supplied less than 440,000 b/d from the northern fields that it currently operates.¹⁶ Iraq (including the KRG) produced, on average, almost 4.6 million b/d of total petroleum liquids in 2022 (Figure 3).¹⁷
• Iraq’s crude oil production fell to 4.3 million b/d in the first half of 2023, and we expect that Iraq’s 2023 crude oil production will be lower than in 2022 because of the OPEC+ production cuts made in November 2022 and voluntary reductions made by Iraq in 2023.¹⁸ In June 2023, OPEC+ agreed to extend crude oil production cuts through 2024, and Iraq’s government announced that it will continue voluntary production cuts through 2024, which would leave Iraq’s production target at about 4.2 million b/d.¹⁹
• 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. However, the removal of around 400,000 b/d of export capacity in northern Iraq more than offset any additions. Export infrastructure at the southern oil terminals is constrained, and midstream projects are often delayed because of insufficient investment and bureaucratic hurdles.²⁰
• Iraq’s oil ministry plans to lift crude oil production capacity to 7 million b/d by 2027 and will target several upstream expansion projects from fields in southern Iraq to bolster the country’s output (Table 2).²¹ Some of these projects are likely to be delayed because of Iraq’s political struggles, regulatory challenges, delays in restoring and expanding the southern export infrastructure, and the international oil companies’ uncertainty about the investment climate.
• Iraq’s oil production requires more water injection to maintain its reservoir pressures and to increase oil production. TotalEnergies intends to invest in a 7.5 million b/d seawater conversion project as part of its energy agreement with Iraq to bolster oil production from mature fields in southern Iraq.²² Iraq finalized its agreement with TotalEnergies in July 2023, and the seawater conversion project is slated to come online in 2027, assuming no further project delays.²³
• Iraq consumed about 900,000 b/d of petroleum and other liquids in 2022.²⁴ Domestic refineries meet most of Iraq’s petroleum product needs; however, Iraq imports some petroleum products, primarily gasoline and diesel.²⁵ Iraq also uses crude oil and high sulfur fuel oil for electric power generation.²⁶
• 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. Iraq’s refineries produce more heavy fuel oil than is needed domestically and not enough gasoline and diesel to meet domestic demand.
• Several new refineries are planned, along with capacity expansion and upgrades at a number of existing refineries, to alleviate domestic product shortages, reduce government import costs for oil products, and eventually increase exports of refined products.²⁸ Iraq brought online the 140,000 b/d-Karbala refinery in April 2023, although technical issues made the plant inoperable for part of the summer. The Karbala reached full capacity in September 2023.²⁹ Iraq plans to commission two refinery projects in 2024. The South Refineries Company is expanding its Basra refinery by 70,000 b/d. However, an ongoing financial dispute between Iraq’s refining company and the contractor is delaying the project.³⁰ Iraq also plans to repair a damaged 150,000 b/d-crude distillation unit at the Baiji refinery complex by the end of 2024.³¹ Other refinery projects are still in the planning stages, although Iraq’s regulatory challenges and economic issues are hurdles for potential investors.³²

Table 2. Crude oil pojects in Iraq, 2023

Field name	Operator or project investor	Additional capacity (thousand of barrels per day)	Announced start date	Notes
Missan Cluster (Bazergan, Fakka, and Abu Gharb fields)	China’s CNOOC	100	November 2022	CNOOC expanded the Missan Cluster’s capacity to 300,000 b/d in November 2022.33
Majnoon	Basra Oil Company	200	End–2023	Shell exited the field ownership in 2018.34
Zubair	ENI	50	End–2024	Any future expansions will require more water injection35
Faihaa crude oil processing facility	China’s United Energy Group	100	Second half 2024	Located on the border with Iran. Plans include expanding the Faihaa field capacity from 50,000 barrels per day (b/d) to 130,000 b/d. The crude oil processing facility could also process oil from nearby fields.36
Ratawi	TotalEnergies	130	2025	Field expansion is part of TotalEnergies’ $27 billion deal signed in September 2021 with Iraq. Agreement was finalized in July 2023. Planned expansion of field capacity to 210,000 b/d.37
West Qurna-1	ExxonMobil and Basra Oil Company	330	2028	Iraq awarded a drilling contract to services firm Schlumberger. Iraq’s dispute with ExxonMobil over the company’s exit from the field’s partnership and the uncertainty of Basra Oil Company’s ability to invest in the expansion are likely to delay this project.38
Fields in the Dhi Qar province (Nasariya, Gharaf, and Subba)	Dhi Qar Oil Company (DQOC)	310	2028	Iraq began negotiations with Chevron in 2020 to explore and develop more fields in the Dhi Qar province. These fields produced an aggregate of about 220,000 b/d at the end of 2021, and Iraq targets a total production of 600,000 b/d.39 The negotiations have not progressed as of September 2023. DQOC raised capacity at Subba oil field from 10,000 b/d to 100,000 b/d in early 2023.40
Eridu	Lukoil	250	2028	The pilot phase will include 30,000 b/d starting in 2025 and lasting through 2028. The field’s peak production target is set for 250,000 b/d.41
West Qurna-2	Lukoil	330	2030	Capacity expansion includes the Yamama reservoir. The Mishrif reservoir increased from 350,000 b/d in 2021 to 480,000 b/d in mid-2023. A pilot project for Yamama began in 2021 and as of October 2023 was producing 30,000 b/d.42
Data source: Middle East Economic Survey, FACTS Global Energy Services, Rystad Energy, Al Arabiya News, and company websites Note: b/d=barrels per day

Figure 3. Maps of Iraq’s Largest Oil and Natural Gas Fields in Northern and Southern Iraq

Data source: U.S. Esri, © OpenStreetMap contributors, HERE, Garmin, FAO, NOAA, USGS

Natural Gas

Electricity

Energy Trade

Petroleum and other liquids

Electricity

• Iraq’s electricity sector imports a significant amount of its supplies from Iran. In 2022, about 25% of Iraq’s electricity was generated by a combination of natural gas produced in Iran and electricity imported from Iran.¹⁰¹ Iran and Iraq signed a five-year agreement in 2022 that lowered the electricity import price for Iraq and set a base volume of 1 GW that Iran must export to Iraq during the summer.¹⁰² Iran reduced its electricity exports to Iraq after 2020 from 7.4 TWh to 3.5 TWh in 2022 because of power shortages and insufficient power generation in Iran.¹⁰³
• Iran also reduced electricity exports to Iraq in the summer of 2023 (and completely stopped flows in late May) because of Iraq’s challenges in paying Iran for energy supplies from previous years. The barter deal that Iran and Iraq arranged in July 2023 is intended to resolve these issues, but the countries have not implemented the agreement as of September 2023.¹⁰⁴
• Iraq is looking for ways to diversify its sources of imported electricity and has interconnection projects with the Gulf Cooperation Council (GCC), Saudi Arabia, Turkey, and Jordan (Table 5). Iraq completed a 500 MW power line from Turkey in early 2022, although Iraq has not finalized the contract details.¹⁰⁵ Jordan is set to begin exporting electricity to Iraq through a new transmission line with a capacity of 150 MW in the second half of 2023.¹⁰⁶

Table 5. Iraq’s existing and planned electricity import sources

Import source	Capacity (megawatts)	Import status	Notes
Iran	1,500	Existing	Four major transmission lines that connect Iran to Iraq at various points and installed in 2004–2011.107
Jordan	150	Late 2023	Future phases of the transmission line would increase capacity to 900 MW.108
Turkey	500	Early 2022	A 500-MW power line from Turkey to Iraq was completed in early 2022, although the countries have not finalized contract details including the electricity price.109
Gulf Cooperation Council Interconnection Authority (GCCIA)	500	Late 2024	Finalized an agreement in 2022 with the GCCIA. Transmission line will connect Iraq to the line in Kuwait. The parties target a final capacity of 1.8 GW following future phases.110
Saudi Arabia	1,000	TBD	Saudi Arabia and Iraq signed an agreement in mid&-2022 to construct a transmission line from northern Saudi Arabia to the Baghdad area and began work on the project in mid-2023.111
Total	3,650
Data source: FACTS Global Energy, Middle East Economic Survey, Reuters, Jordan News, Iraqi News, Iraq Oil Report, Refinitiv/Zawya, Iran International Note: TBD=to be determined, MW=megawatt, GW=gigawatt.


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Endnotes

1. U.S. Energy Information Administration, Short-Term Energy Outlook September 2023.
2. Oil & Gas Journal, Worldwide Look at Reserves and Production, December 2022.
3. Energy Intelligence, Crude Profiles and Analytics, Iraq country profile (published April 12, 2023); Fitch Solutions, Iraq Oil and Gas Report, Q3 2023, pages 7-8.
4. Energy Intelligence, World Crude Oil Database, Iraq (published April 12, 2023).
5. Lilian Wagdy and Amina IsmailReuters, “Iraqi parliament approves new government headed by Mohammed Shia al-Sudani,“ October 27, 2022.
6. Ahmed Rasheed and Timour Azhari, Reuters, “Iraq approves record $153 billion budget including big public hiring,“ June 11, 2023.
7. International Monetary Fund, 2022 Article IV Consultation with Iraq, February 2023, Table 2, page 27.
8. U.S. Energy Information Administration, OPEC Revenues Factsheet, June 2023.
9. U.S. Energy Information Administration, Short-Term Energy Outlook September 2023; Middle East Economic Survey, “Iraq’s Oil Export Revenues Sink in 1H23,“ July 7, 2022.
10. U.S. Energy Information Administration, International Energy Statistics.
11. Middle East Economic Survey, “MEES KRG misses out on 2022 windfall because of falling production,“ February 17, 2023; Middle East Economic Survey, “KRG Finances Remain Precarious Despite Export Revenue Boost“, July 2, 2021; Middle East Economic Survey, “KRG Project Delays Stunt Upstream Growth,“ August 28, 2020; Middle East Economic Survey, “Iraqi Kurdistan Closes in on 500,000 b/d Oil Production,“ November 8, 2019; Middle East Economic Survey, “2021: A Year of Challenges and Opportunities for Iraqi Kurdish Oil,“ January 22, 2021.
12. Middle East Economic Survey, “MEES KRG misses out on 2022 windfall because of falling production,“ February 17, 2023; Middle East Economic Survey, “Genel Halts Development at KRG’s Sarta Amid Poor Results,“ January 20, 2023.
13. Mohammed Hussein, Lizzie Porter and Rawaz Tahir, Iraq Oil Report, “KRG begins implementing budget law with crude transfers to Baghdad,“ July 25, 2023; International Energy Agency, Oil Monthly Report, September 13, 2023, page 20.
14. Middle East Economic Survey, “Baghdad Loans Erbil $1.6 bn As US Presses For Ceyhan Export Restart,“ September 22, 2023.
15. Aveen Karim, Rudaw Media Network, “IOCs warn nonpayment by KRG could lead to London arbitration,“ August 30, 2023; Middle East Economic Survey, “Baghdad Loans Erbil $1.6 bn As US Presses For Ceyhan Export Restart,“ September 22, 2023.
16. Energy Information Administration, Short-Term Energy Outlook September 2023; Middle East Economic Survey, “KRG misses out on 2022 windfall because of falling production,“ February 17, 2023.
17. U.S. Energy Information Administration, Short-Term Energy Outlook, September 2023.
18. U.S. Energy Information Administration, Short-Term Energy Outlook September 2023; Maha El Dahan and Ahmed Rasheed, Reuters, “OPEC+ announces surprise oil output cuts,“ April 2, 2023; OPEC, Press Room, “33rd OPEC and non-OPEC Ministerial Meeting“, October 5, 2022.
19. Alex Lawler and Rowena Edwards, Reuters, “What oil production cuts were agreed at OPEC+ meeting?,“ June 5, 2023; Shafaq News, “Iraq Extends Voluntary Oil Production Cuts until End of 2024, Aligns with OPEC+ Mandate,“ June 4, 2023.
20. U.S. Energy Information Administration, Short-Term Energy Outlook September 2023.
21. Rowena Edwards, Reuters, “Iraq targets 7–mln–bpd oil output capacity in 2027 – SOMO head,“ November 16, 2022; Rystad, “How will Iraq deal with its new OPEC+ production cut quota?,“ November 24, 2022, page 3; Kate Dourian, Iraq Oil Report, “May production rises by 100,000 bpd, but KRG oil still mostly offline,“ June 19, 2023.
22. ArgusMedia, “Iraq signs $27bn energy deal with TotalEnergies“, September 5, 2021; Rystad, “TotalEnergies breaks the mould with $27 billion deal in Iraq“, September 14, 2021.
23. Kate Dourian, Iraq Oil Report, “Iraq crude oil production up in July as KRG oil trickles back online,“ August 21, 2023.
24. U.S. Energy Information Administration, Short-Term Energy Outlook, September 2023.
25. Facts Global Energy, Middle East Oil Databook 4, Middle East Refined Product Balances, Fall 2023, page 84, and Spring 2023, page 88.
26. Joint Oil Data Initiative (accessed September 2023).
27. U.S. Energy Information Administration based on: Iraq Oil Report, “Iraq refining sector makes incremental gains,“ July 20, 2022; FACTS Global Energy, Middle East Petroleum Databook, Fall 2023, page 66; Oil & Gas Journal, Middle East Economic Survey, “Iraq Restarts Qayara Exports With Eye On Building Case for Nearby Investment Refinery,“ May 12, 2023, “Iraqi Kurdistan’s Energy Sector Under Attack,“ May 6, 2022, “Honeywell To Upgrade Kurdistan refinery,“ January 21, 2022, “Iraq Breaks Ground On Key Refinery Upgrade Project,“ April 16, 2021, “Iraq Baija Refinery Second CDU Unit Restarts,“ January 15, 2021; Kurdistan Regional Government, “ PM Masrour Barzani inaugurates Lanaz Refinery with 75,000 bpd capacity,“ October 27, 2022; Kurdoil, About (accessed September 2023)
28. FACTS Global Energy, Middle East Petroleum Databook, Fall 2023, page 58; Middle East Economic Survey, “Iraq Breaks Ground On Key Refinery Upgrade Project,“ April 16, 2021.
29. FACTS Global Energy, Middle East Petroleum Databook, Fall 2023, page 65; Middle East Economic Survey, “Iraq’s Karbala Refinery Hits Full Capacity Despite Unresolved Technical Issues,“ September 29, 2023.
30. FACTS Global Energy, Middle East Petroleum Databook, Fall 2023, page 65; Ali Al-Aqily, Iraq Oil Report, “Basra refinery expansion delayed by contract dispute,“ July 12, 2023.
31. Iraq Business News, “Rehabilitation of 150,000-bpd Iraqi Refinery Underway,“ August 17, 2023; Iraq Oil Ministry, News, “With a capacity of 20 thousand barrels per day.. The Prime Minister inaugurates the (Azmara) unit at the Al-Samoud refinery in Baiji,“ August 16, 2023; Iraq Oil Ministry, “In the Al-Samoud complex in Baiji... after the completion of the rehabilitation and reconstruction of the Salah al-Din refinery 1 and 2.. The Minister of Oil: directing the rehabilitation and reconstruction of the North Refinery with a capacity of 150 thousand barrels per day,“ August 15, 2023.
32. FACTS Global Energy, Middle East Petroleum Databook, Fall 2023, page 67; Middle East Economic Survey, “Basra FCC Complex Advances but Other 'Investment Refineries' Struggle,“ May 12, 2023.
33. Middle East Economic Survey, “Iraq Oil Boost As Cnooc Hikes Missan Capacity“, November 25, 2022.
34. Middle East Economic Survey, “Iraq’s Key Majnoon Field: Output Slumps To 50,000 b/d On Export Bottlenecks“, May 19, 2023.
35. Iraq Oil Report, “Q&A: Arkan Abdul-Satar Abdul-Jabbar, director of Zubair oil field,“ September 1, 2023.
36. Middle East Economic Survey, “Iraq Eyes Gas Boost With Signing Of Fifth Licensing Round Contracts“, February 24, 2023; Middle East Economic Survey, “China’s UEG: Iraq’s Faihaa Outperforms, Eyes Egypt Rebound“, September 16, 2022; United Energy Group Limited, Annual Results Announcement for the Year Ended 31 December 2021, pages 21 and 27 (published March 31, 2022).
37. Iraq Oil Report, “Iraq Crude Production and Export Tracker,“ July 2023, page 9; Rystad, “TotalEnergies breaks the mould with $27 billion deal in Iraq“, September 14, 2021; Middle East Economic Survey, “INOC to Partner TotalEnergies On Iraq Megaprojects“, October 8, 2021.
38. Middle East Economic Survey, “Iraq’s WQ-1 Targets 600,000 b/d End-23 Capacity,“ June 30, 2023; Middle East Economic Survey, “Iraq’s West Qurna-1: 800,000 b/d by 2027“, October 22, 2021; Middle East Economic Survey, “Iraq Unveils Optimistic Production Capacity Targets“, June 3, 2022.
39. FACTS Global Energy, Middle East Oil Monthly, November 2021, page 17; Al Arabiya News, “Iraq to negotiate with Chevron to develop Nassiriya oilfields“, November 9, 2021; Middle East Economic Survey, “Iraq Targets Chevron For Dhi Qar Boost“, November 12, 2021.
40. Iraq Business News, “DQOC to Resume Trial Production at Subba Oil Field,“ January 28, 2023; Middle East Economic Survey, “Subba Back To Production,“ January 27, 2023.
41. Ali Al-Aquily, Middle East Economic Survey, “Lukoil Gets Green-Light To Develop Iraq’s 250,000 b/d Eridu,“ March 10, 2023.
42. Middle East Economic Survey, “Iraq’s WQ-2 Reaches Second Phase Capacity“, June 16, 2023.
43. Oil & Gas Journal, Worldwide Look at Reserves and Production, December 2022.
44. International Energy Agency, World Energy Outlook Special Report: Iraq Energy Outlook, October 2012, page 70; International Energy Agency, Iraq’s Energy Sector: A Roadmap to a Brighter Future, April 2019, page 34; Rystad Energy, “TotalEnergies breaks the mould with $27 billion deal in Iraq“, September 14, 2021, page 4; Fitch Solutions, Iraq Oil & Gas Report Q4 2023, page 21.
45. Fitch Solutions, Iraq Oil & Gas Report Q4 2023, page 21.
46. U.S. Energy Information Administration, International Energy Statistics (estimated and not yet published).
47. World Bank, Global Gas Flaring Reduction Partnership (GGFR), Global Gas Flaring Data (accessed July 2023).
48. Middle East Economic Survey, “Iraq Set for BGC Summer Gas Boost,“ April 28, 2023; Shafaq News, “Iraq eyes ending gas flaring by 2027, as it courts IOCs to capture associated output“, November 23, 2021.
49. Middle East Economic Survey, “Iraq Set for BGC Summer Gas Boost,“ April 28, 2023; Middle East Economic Survey, “Iraq’s 1.5Bn cfd Gas Processing Pipeline,“ April 28, 2023.
50. Middle East Economic Survey, “Iraq’s Akkas & Mansuriya Fields: Back On Offer“, March 31, 2023.
51. Middle East Economic Survey, “Baghdad To Purchase Gas From Kurdistan’s Khor Mor,“ July 14, 2023; Middle East Economic Survey, “Kurdistan’s Khor Mor Gas Expansion Back On Track,“ May 19, 2023; Middle East Economic Survey, “Kurdistan Gas Expansion Delayed To May 2024 At Best,“ February 10, 2023; Middle East Economic Survey, “Iraqi Kurdistan Gas Expansion Work Suspended After Attacks“, July 1, 2022; Reuters, “Rockets hit Khor Mor gas field in Iraq, no damage reported“, July 25, 2022; Iraq Oil Report, “Rocket strike causes fire at Khor Mor gas field“, July 26, 2022.
52. Middle East Economic Survey, “Iraq’s Halfaya Gas Processing Mechanical Completion,“ October 6, 2023; Iraq Oil Report, “Halfaya gas capture project makes progress“, April 18, 2023; Middle East Economic Survey, “Iraq’s 1.5bn cfd Gas Processing Pipeline,“ April 28, 2023; Middle East Economic Survey, “Halfaya: 300mn cfd By End-23 ,“ February 3, 2023; Middle East Economic Survey, “Iraq Gas Flaring: No Rescue In 2022 ,“ December 24, 2021; Middle East Economic Survey, “Iraq Gas Processing: More Delays?“, February 25, 2022; Middle East Economic Survey, “Iraq Readies Key Missan Fields For Output Rebound“, July 15, 2022.
53. Middle East Economic Survey, “Iraq’s Basrah Gas: Slow Startup at New Unit,“ June 30, 2023; Middle East Economic Survey, “Iraq Gas Flaring: No Rescue in 2022,“ December 24, 2021; Middle East Economic Survey, “Iraq Gas Capture Award Sparks Fresh Uncertainty On TotalEnergies Megaproject“, July 8, 2022.
54. Middle East Economic Survey, “Baker Hughes Eyes 2H24 Completion at Iraq’s Nasariya Gas Plant,“ August 11, 2023; Argus Media, “Iraq eyes 2023 start of southern gas capture projects“, December 22, 2022; Argus Media, “Baker Hughes agrees new Iraq gas capture project“, September 19, 2021.
55. Middle East Economic Survey, “TotalEnergies Becomes Iraq’s Key Foreign Player With Closure Of $27bn Megadeal“, July 14, 2023; Reuters, “Iraq’s massive Total oil deal heralds new revenue-sharing formula”, July 19, 2023; Rystad, “TotalEnergies breaks the mould with $27 billion deal in Iraq“, September 14, 2021; Iraq Oil Report, “TotalEnergies mega-deal with Iraq hits snag over state participation“, March 2, 2022; Reuters, “EXCLUSIVE Iraq’s $27 bln TotalEnergies deal stuck over contract wrangling“, February 14, 2022; Middle East Economic Survey, “Iraq’s 2030 ’Sustainable Transition’ Plan: Gas & Renewables To The Fore“, December 3, 2021.
56. Middle East Economic Survey, “Iraqi Kurdistan Gas Expansion Work Suspended After Attacks“, July 1, 2022; Reuters, “Rockets hit Khor Mor gas field in Iraq, no damage reported“, July 25, 2022; Iraq Oil Report, “Rocket strike causes fire at Khor Mor gas field“, July 26, 2022. Dana Gas, Media, Press Releases, 2023, Highlights – H1 2023; Iraq Oil Report, “KRG starts work to expand gas pipeline network,“ August 9, 2023; Middle East Economic Survey, “Baghdad to Purchase Gas from Kurdistan’s Khor Mor“, July 14, 2023; Middle East Economic Survey, “Kurdistan’s Khor Mor Gas Expansion Back On Track“, May 19, 2023; Middle East Economic Survey, “Kurdistan’s Gas Expansion Delayed to May 2024 At Best,“ February 10, 2023; Middle East Economic Survey, “Dana Gas Kicks Off Khor Mor Drilling, Eyes Improved Egypt Terms,“ May 13, 2022.
57. Iraq Oil Report, “Akkas gas field to start production,“ October 21, 2022; Shafaq News, “Iraq Initiates Gas Investment Operations in Akkas Gas Field,“ March 29, 2023; Nishant Ugal, Upstream, “Saudi Aramco in talks to develop major Middle East gas field,“ May 26, 2023; Nayera Abdallah and Enas Alashray, Reuters, “Saudi Aramco to develop 400 million cubic feet per day Iraqi gas field, Iraq oil minister says“, May 25, 2023; Middle East Economic Survey, “Iraq’s Akkas & Mansuriya Fields: Back On Offer“, March 31, 2023; Shafaq News, “Baghdad holds negotiations with Halliburton to invest in Akkas oil field“, January 25, 2022; Middle East Economic Survey, “Iraq’s Akkas Gas Project: Halliburton Closes In On Appraisal Drilling Deal“, April 22, 2022.
58. Middle East Economic Survey, “Iraq Axes Sinopec from Mansuriya Gas Project“, October 6, 2023; Middle East Economic Survey, “Iraq Eyes Gas Boost With Signing Of Fifth Licensing Round Contracts“, February 24, 2023; Middle East Economic Survey, “Iraq: Sinopec Back at Mansuriya?,“ April 28, 2023; Iraq Oil Report, “Mansuriya deal collapsing after Sinopec requests contract overhaul,“ February 16, 2023; Reuters, “Sinopec to develop Iraq’s Mansuriya gas field, says ministry“, April 20, 2021; Middle East Economic Survey, “Iraqi Awards Mansuriya Gas Field To Sinopec“, April 23, 2021; Iraq Oil Report, “Iraq finalizes Mansuriya contract for next government“, January 21, 2022.
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60. International Monetary Fund, 2022 Article IV Consultation with Iraq, February 2023, page 12.
61. Rudaw, “KRG electricity generation still far outstripped by demand,“ September 9, 2023.
62. U.S. Energy Information Administration, International Energy Statistics.
63. U.S. Energy Information Administration, International Energy Statistics.
64. Middle East Economic Survey, “Iraq’s Electricity Sector Enters State of Emergency,“ August 5, 2022; Iraqi News Agency, “Al-Kadhimi: Dhi Qar Combined Cycle Power Plant provides an additional 500 MW of energy in the first phase,“ June 12, 2021
65. Iraq Oil Report, “Iraq pursues solar power goals, but hurdles remain,“ August 25, 2022; Middle East Economic Survey, “Baghdad Approves Solar Projects“, June 2, 2023; Middle East Economic Survey, “Iraq’s 2030 ‘Sustainable Transition’ Plan: Gas & Renewables To The Fore“, December 3, 2021
66. Middle East Economic Survey, “Iraq Resorts to Stopgap Measures As Summer Power Demand Kicks-In,“ June 30, 2023.
67. Al-Jazeera, “Iraq’s electric grid hit by fire, explosions amid scorching heat,“ July 30, 2023; Al-Jazeera, “Heatwaves scorch Iraq as protracted political crisis grinds on“, August 6, 2022; Associated Press News, “ Protesters block roads in Iraq after third day of power cuts“, August 8, 2022; Reuters, “Iraqis protest over power, water cuts amid heat wave“, July 2, 2021; Al Monitor, “No quick fix for Iraq’s electricity crisis“, August 6, 2020; The Arab Gulf States Institute in Washington, “Iraq’s Electricity Challenges Mount as Oil Revenue Slows to a Trickle“, May 15, 2020.
68. Joint Oil Data Initiative (accessed September 2023).
69. S&P Global Platts conversation (September 2020); FACTS Global Energy, Middle East Petroleum Databook, Spring 2022, page 99.
70. Joint Oil Data Initiative (accessed September 2023); International Energy Agency, Oil Monthly Report, September 13, 2023, page 16.
71. Middle East Economic Survey, “Iraq Approves Al-Bilal 525 MW Solar“, July 21, 2022.
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.
73. Middle East Economic Survey, “China’s UEG Plans Solar Shift in Iraq Operations,“ November 4, 2022.
74. Zawya, “Masdar to build 4 solar power plants in Iraq,“ June 28, 2022; Reuters, “Iraq and UAE’s Masdar sign a 1 thousand megawatts solar power contract – INA,“ October 6, 2021.
75. Arab News, “ACWA Power to develop 1,000 MW solar plant in Iraq,“ April 17, 2023.
76. Vortexa tanker tracking (accessed August 2023).
77. Vortexa tanker tracking (accessed August 2023).
78. Ahmed Rasheed, Reuters, “Iraq, Turkey yet to agree on northern oil exports resumption – sources,“ August 22, 2023.
79. Vortexa tanker tracking data (accessed August 2023).
80. Argus Media, “Diplomatic push fails to restart Iraq-Turkey oil flows,“ August 23, 2023; Can Sezer, Reuters, “Iraq-Turkey oil pipeline ready to resume operations soon, Turkish minister says,“ September 15, 2023; Middle East Economic Survey, “Turkey Claims Iraq Owes Nearly $1bn in Net Arbitration Damages“, September 15, 2023.
81. Vortexa tanker tracking data (accessed August 2023).
82. Eurostat data (accessed September 2023).
83. Middle East Economic Survey, “Iraq Shoots for Star Performance in Europe for 2023“, January 13, 2023; Middle East Economic Survey, “Iraq Slashes Crude Oil Prices to Europe“, June 17, 2022; Reuters, “Iraq can redirect crude exports to Europe if needed - SOMO source“, August 30, 2022.
84. Nidhi Verma, Reuters, “Russia replaces Iraq as top oil supplier to India in Nov,“ December 14, 2022; Zawya/Refinitiv, “India in talks with Iraq for oil as Russian discount reduces,“ July 19, 2023; Andrew Hayley, Reuters, “Russia remains China’s top crude supplier in July despite narrower discounts,“ August 20, 2023, Global Trade Tracker (accessed September 2023); Vortexa tanker tracker (accessed September 2023).
85. Middle East Economic Survey, “Iraq’s Ageing Basra Infrastructure: Can It Take The Strain?,“ September 1, 2023; Reuters, “Iraq can export more than 3.3 mln bpd from its southern ports, oil minister says“, April 7, 2022; Middle East Economic Survey, “Iraq Crude Oil Exports Push Against Capacity Constraints“, May 6, 2022; Reuters, “Iraq to boost southern oil export capacity from second quarter – source“, January 11, 2022
86. Zawya, “Iraq approves $1.26bln for Basra oil pipeline project,“ September 27, 2023; Lizzie Porter and Ali Aquily, Iraq Oil Report, “Cabinet suspends approval of major oil export expansion,“ June 28, 2023; Iraqi News, “Basra Oil Company: Third offshore pipeline to complete by 2023“, May 12, 2022; Reuters, “Halliburton says not buying Exxon stake in Iraqi oilfield“, December 1, 2021; Middle East Economic Survey, “Iraq Oil Export Revenues Exit 2021 At 3-Yr High And Rising“, January 7, 2022 and “Iraq Crude Exports Push Against Capacity Constraints“, May 6, 2022; Oxford Institute for Energy Studies, The second split: Basrah Medium and the challenge of Iraqi crude quality, April 2021, page 5.
87. Middle East Economic Survey, “Baghdad Approves Export Capacity Expansion,“ October 6, 2023.
88. Argus Media, “Jordan to resume crude imports from Iraq in April“, March 27, 2022.
89. BOTAS website, Crude Oil (accessed September 2023); Middle East Economic Survey, “Turkey: Record Iraq Crude Imports,“ July 3, 2020.
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.
91. Argus Media, “Iraq restarts Kirkuk crude flows through KRG pipeline,“ November 16, 2018; Reuters, “Iraq restarts some Kirkuk oil exports after year-long halt,“ November 16, 2018.
92. KirkukNow, “Kirkuk exports 2.5M barrels in January for 180 million dollars“, February 3, 2023.
93. Iraq Oil Report, “Iraq Crude Production and Export Tracker,“ August 2023, page 7 and June 2023, page 6.
94. AP News, “Iraqi officials are defending a barter deal with Iran, say it doesn’t violate US sanctions on Tehran,“ July 13, 2023.
95. FACTS Global Energy, Iran Alert, “Implications of the new Iran-Iraq barter agreement for Iran’s gas and electricity exports to Iraq,“ July 26, 2023; Argus Media, “Iraq to swap HSFO, crude for Iranian gas,“ July 15, 2023; Iraq Oil Report, Iraq Crude Production and Export Tracker, July 2023, page 8.
96. FACTS Global Energy, Iran Oil and Gas Monthly Report, July 11, 2017, page 3; FACTS Global Energy, Iran Oil and Gas Monthly Report, August 17, 2018, pages 1-2 and Iran Oil and Gas Monthly Report, October 19, 2018, page 13.
97. Middle East Economic Survey, “Iraq Fuel Oil Exports Would Fall Sharply Under Iran Barter Deal,“ August 11, 2023.
98. U.S. Energy Information Administration, International Energy Statistics.
99. Facts Global Energy, Iran Alert, “Iran is keen to expand gas trade with neighbours“, June 27, 2022; Iran International, “Iran Facing Water, Power Shortages This Summer,“ June 3, 2022; Energy Institute Statistical Review of World Energy 2023 (reports falling hydropower generation in Iran after 2019).
100. Refinitiv/Zawya, “Iraq needs pipeline to get gas from Turkmenistan: report,“ August 28, 2023; Iraqi News, “Iraq, Turkmenistan agree on gas deal,“ August 24, 2023; News Central Asia, “Iraq to Import Turkmen Gas Through Iran in Swap Deal,“ August 25, 2023.
101. FACTS Global Energy Services, Iran Alert, “Implications of the new Iran-Iraq barter agreement for Iran’s gas and electricity exports to Iraq,“ July 26, 2023; Iran International, “Sharp Drop In Iran’s Gas Exports Shuts Down Iraqi Power Plants,“ May 1, 2022.
102. Middle East Economic Survey, “Baghdad & Tehran Agree New Power Tariff,“ March 18, 2022.
103. U.S. Energy Information Administration, International Energy Statistics (estimated and not yet published); Middle East Economic Survey, “Iran Power Demand Records More to Come?,“ August 18, 2023; FACTS Global Energy, Iran Alert, “Iran is keen to expand gas trade with neighbours“, June 27, 2022; Middle East Economic Survey, “Iran Halts Power Exports To Iraq As Baghdad Struggles To Curb Attacks On Pylons,“ August 20, 2021; Iran International, “Iran Falling Behind In Power Generation Due To Inadequate Investment,“ April 15, 2022.
104. Middle East Economic Survey, “Iraq Sends Iran $2.76 Billion in Energy Dues,“ June 16, 2023; Middle East Economic Survey, “Oil Burn Rises as Iraq Plans More Oil-fired Power Plants,“ August 25, 2023.
105. Iraqi News, “Iraq completes 100% of electrical interconnection with Turkey,“ April 25, 2023; Middle East Economic Survey, “Iraq Poised For 500MW Turkey Power Imports“, March 11, 2022; Middle East Economic Survey “Iraq Seeks Power Imports,“ May 6, 2022.
106. Ahmed Tolba and Hatem Maher, Reuters, “Jordan, Iraq power link to start production on July 1,“ May 27, 2023; Jordan News, “Energy minister announces Iraq-Jordan power link completion by August,“ June 18, 2023; Middle East Economic Survey, “Jordan-Iraq Power Supplies Set To Start,“ June 2, 2023.
107. FACTS Global Energy, Iran Alert, “Implications of the new Iran-Iraq barter agreement for Iran’s gas and electricity exports to Iraq,“ July 26, 2023.
108. Middle East Economic Survey, “Jordan-Iraq Power Flows Imminent?,“ August 25, 2023; Ahmed Tolba and Hatem Maher, Reuters, “Jordan, Iraq power link to start production on July 1,“ May 27, 2023; Jordan News, “Energy minister announces Iraq-Jordan power link completion by August,“ June 18, 2023; Middle East Economic Survey, “Jordan-Iraq Power Supplies Set To Start,“ June 2, 2023.
109. Iraqi News, “Iraq completes 100% of electrical interconnection with Turkey,“ April 25, 2023; Middle East Economic Survey, “Iraq Poised For 500MW Turkey Power Imports“, March 11, 2022; Middle East Economic Survey “Iraq Seeks Power Imports“, May 6, 2022; Iraq Oil Report, “Iraq seeks to diversify power imports as Iran tightens supply,“ December 8, 2021.
110. Middle East Economic Survey, “Iraq-GCC Power Link End-2024 Target,“ June 9, 2023; Refinitiv/Zawya, “Iraq, Gulf Cooperation Council sign grid connection pact“, July 18, 2022.
111. Iran International, “Saudi Arabia, Iraq Sign Deal For Connecting Power Grids,“ July 16, 2022; Refinitiv/Zawya, “Saudi Arabia announces official launch of Iraq powergrid project,“ June 11, 2023.
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