Iraqi oil minister Ihsan Ismael (left) and prime minister Mustafa al-Kadhimi at the Rumaila oilfield
Iraq shrugs off partner uncertainty to lift long-term target
The country has lifted its long-term production target to 8mn bl/d despite continued murmurings about IOC dissatisfaction
Iraq has shelved its previous 7mn bl/d production target for 2027 in favour of an even more ambitious 8mn bl/d figure, oil minister Ihsan Ismael told the state-owned Iraq News Agency (Ina) in early August. And it has also agreed drilling contracts with a number of IOCs, as the country tries to dispel the impression that it could suffer a mass exodus of foreign investors. By short-term metrics, July was an exceptionally positive month for the federal government’s oil sector, with soaring prices combined with ongoing easing of Opec-mandated cuts driving revenues to a 19-month high. Export revenues climbed to $6.51bn last month, 87pc higher year-on-year and the highest since December 2019,
Also in this section
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
14 January 2026
Chavez’s socialist reforms boosted state control but pushed knowledge and capital out of the sector, opening the way for the US shale revolution
