Iraq s energy storage ratio

How much oil does Iraq produce a day?

It also takes a detailed look at the country’s oil and gas sector, projecting that Iraq’s oil production will grow by 1.3 million barrels a day by 2030, becoming the world’s fourth-largest oil producer behind the United States, Saudi Arabia and Russia.

What is Iraq's crude oil production capacity?

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.

What is Iraq's refining capacity?

Iraq’s total operating refining capacity is about 1.2 million b/d. 27 The Iraqi government plans to reduce petroleum product imports by rehabilitating the refining sector and building new refineries, but the government has struggled in its efforts to attract the foreign investment needed in the downstream sector.

How much electricity does Iraq generate a year?

Iraq’s net electricity generation grew by an annual average of about 7% each year between 2010 and 2020, reaching an estimated 92 terawatthours (TWh) (Figure 5).

How much natural gas does Iraq produce?

About two-thirds of Iraq’s natural gas output is associated natural gas, which is a byproduct of oil production. 45 Production cuts from Iraq’s oil fields in early 2020, following the OPEC+ agreement, lowered associated natural gas output as well, and natural gas output was around 260 billion cubic feet per year (Bcf/y).

Why is Iraq's energy system vulnerable?

However the capacity to capture and process this gas has not kept pace. The inability to utilise its gas riches means that the country's gas deficit has grown, and Iraq now relies on imports from Iran to meet increasing demand. This has introduced a number of vulnerabilities to Iraq’s energy system.