Iraq Aims for 10 Million Bpd Oil Capacity by 2030 with Ambitious New Plan

Iraq has unveiled a plan to nearly double its crude oil production capacity to almost 10 million barrels per day by 2030. The country's current oil capacity is around 4.5 million bpd, but this figure has been reduced due to the blockade of the Hormuz Strait, which is Iraq's sole shipping access to global markets.

Prime Minister Ali Al-Zaidi discussed the plan with oil and finance ministers at a meeting on Tuesday, where he directed that Iraq's oil production should match its vast reserves and population needs. The government aims to increase production in the Kurdistan Region's oil fields and expand exploration areas to achieve the 10 million bpd target.

Iraq is a founding member of OPEC and its second-largest oil exporter, with recoverable crude deposits estimated at around 145 billion barrels, the world's fifth largest. The country has already signed agreements with major international oil companies, including ExxonMobil and TotalEnergies, to develop its oil fields.

However, analysts believe that Iraq cannot increase output at will due to OPEC+ quotas, which restrict production unless a member country leaves the group. Some have speculated that Iraq may quit OPEC in order to increase its production capacity.