Changing fortunes for Iraq in 2019
A new federal government has a powerful engine in terms of rising crude output and export capacity, but also faces huge domestic difficulties
Iraq is setting off on the right foot. Record crude output (4.6mn b/d) and exports (3.58mn b/d) in August 2018 supported Iraq's fiscal outlook, allowing Baghdad to secure an estimated budget surplus of $23bn—a turnaround from its planned deficit of $10.6bn. Iraq was also set to exit 2018 with a new government, spearheaded by former oil minister Adel Abdul-Mahdi. For investors, key questions arise for Iraq's petroleum sector in 2019: by how much will crude production and exports increase? And will the summer of 2019 signal fresh protests as temperatures soar and electricity shortfalls re-emerge? Abdul-Mahdi, a respected economist, achieved several feats during his former roles as oil and fina
Also in this section
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
