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Iraqi oil minister Ihsan Ismael (left) and prime minister Mustafa al-Kadhimi at the Rumaila oilfield
Iraq Opec BP Cnooc CNPC ExxonMobil IOCs Lukoil
Clare Dunkley
17 August 2021
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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
The great OPEC+ reset
7 August 2025
The quick, unified and decisive strategy to return all the barrels from the hefty tranche of cuts from the eight producers involved in voluntary curbs signals a shift and sets the tone for the path ahead
Latest EU sanctions largely toothless
7 August 2025
Without US backing, the EU’s newest sanctions package against Russia—though not painless—is unlikely to have a significant impact on the country’s oil and gas revenues or its broader economy
A third distillate disruption
6 August 2025
Diesel market disruptions have propelled crude prices above $100/bl twice in this century, and now oil teeters on the brink of another crude quality crisis
BP’s long stay in Russia
5 August 2025
After failed attempts to find a buyer for its stake in Russia’s largest oil producer, BP may be able to avoid the harsh treatment meted out to ExxonMobil and Shell when they exited—and could even restart operations if geopolitical conditions improve

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