Iraq plans to increase its oil production capacity by around 7 million barrels per day in 2027.
Iraq's current crude production capacity is close to 5 million barrels per day (bpd), but it produced 4.651 mln bpd in October, according to SOMO. This is in line with its production quota under the OPEC+ agreement. The capacity increase will come from Iraq's giant fields currently undergoing development including Rumaila, managed by a joint venture between BP Plc and PetroChina Co Ltd , as well as from Lukoil's West Qurna 2.
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