Petroleum and other liquids

Iraq’s crude oil production (excluding condensates) averaged 4.1 million barrels per day (b/d) in 2020 and 2021, which was 600,000 b/d lower than in 2019 (Figure 2). More than 3.6 million b/d was produced under the central government in Baghdad, and about 445,000 b/d was produced at the northern fields currently operated by the KRG.¹⁵ Iraq created a fourth crude oil grade, Basra Medium, by separating it from the Basra Light grade in January 2021. Basra Light, which used to account for Iraq’s largest crude oil stream, accounted for nearly 1.2 million b/d of Iraq’s total production in 2021. Iraq’s state oil marketer ended exports of Basra Light in January 2022 and now produces the grade solely for domestic refineries.¹⁶

Iraq is a participant in the OPEC+ agreement. Under the April 2020 agreement, Iraq agreed to reduce its production to 3.6 million b/d from May to July 2020 and to 3.8 million b/d for the remainder of 2020. When the OPEC+ members began to reverse their production cuts in the latter half of 2020, Iraq gradually raised its crude oil production to 4.1 million b/d in 2021 and 4.4 million b/d in the first half of 2022.¹⁷

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Iraq Energy Profile- Second Largest Crude Oil Producer In OPEC – Analysis