Iraq is working to increase its oil production capacity beyond 6 million barrels per day (bpd) by 2029. The Oil Ministry announced this ambitious plan, aiming to strengthen Iraq’s energy sector. Officials confirmed that the country’s current output is about 4 million bpd.
To achieve this goal, Iraq will focus on oil exploration and nationwide drilling projects. A key part of this effort is a recent agreement with BP. This deal will help redevelop four Kirkuk oil and gas fields, boosting production. Officials believe these efforts will push Iraq closer to its target.
The country plays a vital role in the global oil market. It is the second-largest producer in OPEC+, which includes Russia and other oil-exporting nations. Last month, Iraq reaffirmed its commitment to the group’s output agreement. At the same time, it promised to present an updated plan to compensate for past overproduction.
The government is determined to make Iraq’s oil sector more competitive. Investing in new drilling technology and modern infrastructure will be crucial. Officials stress that boosting oil production to over 6 million bpd by 2029 will benefit the economy. Increased output will bring more revenue and strengthen Iraq’s financial position.
However, achieving this goal comes with challenges. Political stability, global oil demand, and OPEC+ agreements will all play a role. Iraq must also attract foreign investors to support its projects. The government remains confident in its plan and is pushing forward with its strategy.
Iraq’s oil sector is set for a major transformation. The plan to increase oil production to over 6 million bpd by 2029 marks a key milestone. If successful, Iraq will secure a stronger position in the global market.
