Iraq's oil industry is central to its economy and a major force in global energy. Holding vast proven reserves, Iraq is a key crude oil producer and exporter....
Iraq possesses the world's fifth-largest proven crude oil reserves, making it a critical global supplier and a major contributor to OPEC's production quotas, significantly influencing international energy markets.
Iraq generally produces around 4.5 to 5 million barrels per day (bpd), with the majority, often over 3.5 million bpd, designated for export, primarily from its southern oilfields.
The Iraqi federal government, primarily through the Ministry of Oil and its state-owned companies like SOMO (State Oil Marketing Organization), is responsible for managing and marketing the nation's oil resources.
Key challenges include security concerns, infrastructure limitations, political disputes over revenue sharing (especially with the KRG), corruption, and the need for significant foreign investment to modernize and expand production capacity.