Iraq's new Prime Minister Ali al-Zaidi has announced plans to raise oil production to between 8 million and 10 million barrels per day within six years, a target that may finally be achievable and could allow Iraq to surpass Saudi Arabia as the Middle East's top oil producer. Iraq's crude output averaged 2.38 million bpd from 1973 until 2026, and was 4.14 million bpd before the Strait of Hormuz blockade began in February, while Saudi Arabia averaged 8.29 million bpd over the same period and produced 10.1 million bpd pre-blockade. Key factors supporting Iraq's goal include its vast reserves—officially 145 billion barrels, with undiscovered resources estimated at 215 billion barrels and ultimately recoverable resources at 246 billion barrels—and a recent decline in corruption that had driven Western firms away, with several now returning. Most critically, TotalEnergies' US$27-billion mega-project, ratified in 2023, will boost associated gas capture, increase Ratawi oil field output from 60,000 to 120,000 bpd initially, and implement the Common Seawater Supply Project to stabilize pressure at major fields. A back-of-the-envelope calculation based on super-giant fields alone suggests potential output of 11.5 million bpd, excluding other fields and Kurdistan, making the new target look realistic.
TotalEnergies SETotalEnergies' $27-billion mega-project in Iraq is highlighted as key to boosting production, directly benefiting the company.
Exxon Mobil Corp