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A map of world oil reserves according to U.S. EIA, 2017 See: Oil reserves in Iraq. According to the Oil and Gas Journal, Iraq's proven oil reserves are 115 billion barrels, although these statistics have not been revised since 2001 and are largely based on 2-D seismic data from nearly three decades ago.
Proven oil reserves in Iraq (US EIA) A map of world oil reserves according to U.S. EIA, 2017. Oil reserves in Iraq are considered the world's fifth-largest proven oil reserves, with 140 billion barrels.
Iraq, one of the members of the OPEC+ agreement, raised its crude oil output (excluding condensates) in 2022 by nearly 400,000 barrels per day (b/d) from an average of less than 4.1 million in 2020 and 2021 to more than 4.4 million b/d, after the OPEC+ members reversed the significant production cuts made in 2020.
Iraq’s net oil revenues rose to $131 billion in 2022 from $92 billion (2022 dollars) in 2021, driven by higher oil prices and increased production.
28 Σεπ 2022 · We estimate that Iraq’s crude oil production capacity was 4.6 million b/d as of mid-2022, down from 4.8 million b/d in 2020. Export infrastructure at the southern oil terminals is constrained, and midstream projects are often delayed because of insufficient investment and bureaucratic hurdles.
Iraq’s southern reservoirs include: Yamama (API 37–44°, 0.5% sulphur), Mishrif (API 24–30°, 4% sulphur), and Zubair (API 34– 36°, 1% sulphur), the most heavily drawn upon from the 1970s onward. The lack of complexity of Iraq’s refineries has led to valuable lighter grades being used as a feedstock. 2.
The Iraq Petroleum Company (IPC), formerly known as the Turkish Petroleum Company (TPC), is an oil company that had a virtual monopoly on all oil exploration and production in Iraq between 1925 and 1961.
