Should Iraq rely on state financing for energy projects?

There has scarcely been a more urgent time for Iraq to pursue crucial reforms in its energy sector to ensure that investment continues even when government revenues have been decimated by low oil prices. The alternative of continuing to rely on direct state financing of large projects only increases the risk that these projects are delayed.

Does Iraq approve a $153 billion budget?

Ahmed Rasheed and Timour Azhari, Reuters, “Iraq approves record $153 billion budget including big public hiring,” June 11, 2023. International Monetary Fund, 2022 Article IV Consultation with Iraq, February 2023, Table 2, page 27. U.S. Energy Information Administration, OPEC Revenues Factsheet, June 2023.

Will Iraq restart Kirkuk oil exports after a year-long halt?

91 Argus Media, “Iraq restarts Kirkuk crude flows through KRG pipeline,” November 16, 2018; Reuters, “Iraq restarts some Kirkuk oil exports after year-long halt,” November 16, 2018. 92 KirkukNow, “Kirkuk exports 2.5M barrels in January for 180 million dollars”, February 3, 2023.

Will IEA support Iraq's Energy reforms?

As Iraq’s newly formed government begins to tackle the long list of considerable challenges it faces, the IEA stands ready to support the country in its efforts to enact the reforms that will help its energy sector – and its economy – meet its vast potential.

Does Iraq's capital budget affect its long-term oil and Gas Development Goals?

The average annual capital budget allocated to the Ministry of Oil was one-fifth lower in the 2015‑18 period than in 2013, affecting Iraq’s ability to pursue its long-term oil and gas development targets.

Which oil companies are in Iraq?

Iraq plans to reach a share of renewables of 33% in the power capacity mix in 2030. The largest international oil company is BP, followed by ENI. INOC, Iraqi National Oil Company, was created in 2021 to control the 7 state-owned upstream companies.