Should Iraq rely on state financing for energy projects?

There has scarcely been a more urgent time for Iraq to pursue crucial reforms in its energy sector to ensure that investment continues even when government revenues have been decimated by low oil prices. The alternative of continuing to rely on direct state financing of large projects only increases the risk that these projects are delayed.

How much oil does Iraq produce a day?

It also takes a detailed look at the country’s oil and gas sector, projecting that Iraq’s oil production will grow by 1.3 million barrels a day by 2030, becoming the world’s fourth-largest oil producer behind the United States, Saudi Arabia and Russia.

Will IEA support Iraq's Energy reforms?

As Iraq’s newly formed government begins to tackle the long list of considerable challenges it faces, the IEA stands ready to support the country in its efforts to enact the reforms that will help its energy sector – and its economy – meet its vast potential.

How has war affected Iraq's power infrastructure?

Despite the extraordinary challenges of war in recent years, Iraq has made impressive gains, nearly doubling the country’s oil production over the past decade. But the turmoil has also undermined the country’s ability to maintain and invest in its power infrastructure.

Does Iraq's capital budget affect its long-term oil and Gas Development Goals?

The average annual capital budget allocated to the Ministry of Oil was one-fifth lower in the 2015‑18 period than in 2013, affecting Iraq’s ability to pursue its long-term oil and gas development targets.

How has Iraq reacted to global oil prices?

When global oil prices started falling in 2014, Iraq reacted by drastically cutting its capital spending. The impacts of these moves were still being felt in 2019 when the national government’s budget remained 20% smaller than it was in 2013.