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,
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