Iraq intends to lift its oil output to 7 mb/d within the next three years, according to the country’s Prime Minister (Iraqi government statement, 27/06/2026).
This objective would amount to a rise of roughly 55–65% compared with Iraq’s current production of 4.2–4.5 mb/d, which had dropped to about 1.3 mb/d during the Hormuz closure before later recovering.
Iraq remains the second‑largest OPEC producer, and its OPEC quota for July 2026 is set at 4.378 mb/d. The Prime Minister also noted that Baghdad has already shared this production target with US energy companies as it seeks increased investment in Iraq’s upstream oil sector.
The proven crude oil reserves were re-evaluated by the Government in 2017 and are estimated at about 20 Gt. They are the third largest in the world (fifth largest when including unconventional reserves, which represent 16% of proven reserves in the Middle East and 8% of the global reserves (Enerdata Global Energy Research).
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