Report summaryTotal liquids production capacity in Iraq averaged just over 4 million b/d in 2015. Iraq added around 0.5 million b/d to overall production in 2015, prompting an increase to our forecast. The increase was largely due to the introduction of the Basrah Heavy blend, exported from Southern Iraq. We expect growth to continue in Iraq production, but at a much slower pace than 2015. The low oil price has led to a reduced federal budget and lower investment for 2016, affecting timings for field and infrastructure developments. In the longer term, we assume the Common Seawater Supply Project will come onstream in 2022, leading to an increase in production.
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- Iraq oil supply summary PDF - 945.37 KB 13 Pages, 3 Tables, 6 Figures