Iraq Aims for 10 Million Barrel Oil Production Target Within Six Years

Iraq's Prime Minister Ali Al-Zaidi has set an ambitious target to increase the country's oil production to 10 million barrels per day within six years. Currently, crude oil sales account for nearly 90% of Iraq's revenue, but exports have been severely impacted by the conflict in the Middle East.

The closure of the Strait of Hormuz has posed a major challenge to Iraq's oil exports, with Baghdad forced to halt production in most of its oil fields during the war. However, it has since begun exporting crude using tanker trucks through Syria and a pipeline to the Turkish port of Ceyhan.

Zaidi stated that he wants to increase Iraq's share within the OPEC+ framework and reach a production target of 9-10 million barrels per day in six years. He also mentioned that Baghdad is working to increase oil exports via Ceyhan, as well as Baniyas in Syria and Aqaba in Jordan.

In July, Iraqi oil exports recovered slightly to around 49 million barrels, with more than 30 million of them passing through the Strait of Hormuz. In the first two weeks of August, Iraq exported an average of 2 million barrels per day, its highest level since the start of the Middle East war.