Iraq Oil: Production, Reserves & Role in the Market
Iraq produces about 4.39 million barrels of crude per day (2025) and holds ~145.0 billion barrels of proven reserves (#5 worldwide). OPEC's second-largest producer after Saudi Arabia, Iraq has rebuilt output from decades of war and sanctions to become almost entirely dependent on oil for government revenue — and almost entirely dependent on one southern export corridor to sell it.
Key Figures
| Measure | Value | As of / source |
|---|---|---|
| Crude production (#5 of tracked) | 4.39 Mb/d | 2025 · EIA |
| Proven reserves (#5 worldwide) | 145.0 Bn bbl | 2023 · OPEC Annual Statistical Bulletin |
| Main export route | Basra terminals in the south carry nearly all exports | SOMO / EIA |
| National marketer | SOMO (State Organization for Marketing of Oil) | |
| Budget dependency | Oil provides roughly 90% of government revenue | IMF |
| Kurdistan pipeline | Iraq–Turkey pipeline through the KRG has been repeatedly halted amid federal–Kurdistan revenue disputes | Reuters / EIA |
Rankings and comparisons: world production & consumption · reserves by country · OPEC production · biggest oil companies.
Iraq's Long Road Back
Rebuilding output
- Output has climbed steadily since the mid-2000s as foreign majors — BP at Rumaila, ExxonMobil and others — redeveloped fields under service contracts.
- Nearly all exports now move through Basra-area terminals in the south; the northern route through Kurdistan has been intermittent for years.
- The 2023 halt of KRG exports via Turkey, tied to an international arbitration ruling, cut roughly 0.4 Mb/d and has yet to fully resume.
What to watch
- OPEC+ quota compliance — Iraq has a history of producing above its allotted quota.
- Basra terminal capacity expansion projects, which set the ceiling on how much Iraq can actually export.
- Any Baghdad–KRG revenue-sharing deal that would restart northern exports through Turkey.
Position Within OPEC
| Measure | Value |
|---|---|
| Rank among OPEC members (crude output) | #2 of 11 |
| Crude production, 2025 | 4.39 Mb/d |
| Share of OPEC output (26.2 Mb/d) | 16.7% |
| Next larger member | Saudi Arabia (9.55 Mb/d) |
| Next smaller member | Iran (4.05 Mb/d) |
EIA annual crude production for current OPEC members. See OPEC production, OPEC vs non-OPEC and the next OPEC+ meeting.
Oil Companies Operating in Iraq
| Company | Type | Ownership |
|---|---|---|
| Basra Oil Company (Iraq) | National oil company (state-owned or state-controlled) | A state company under Iraq's Ministry of Oil and a subsidiary of the Iraq National Oil Company (INOC). |
| Pertamina | National oil company (state-owned or state-controlled) | Indonesian state-owned; one of the state enterprises brought under the Danantara state investment agency. |
From the oil company directory: companies with material producing operations here or headquartered here, hand-curated from company filings.
Iraq Oil FAQ
How much oil does Iraq produce?
Iraq produces about 4.39 million barrels per day of crude oil (including lease condensate, 2025), ranking #5 among the countries tracked here. Source: EIA international statistics.
How much oil does Iraq have in reserves?
Iraq holds roughly 145.0 billion barrels of proven crude reserves (OPEC Annual Statistical Bulletin, 2023), the #5 largest in the world. Proven reserves shift with prices and technology — see the caveats on the oil-reserves page.
Why does Iraq export oil mostly through Basra rather than the north?
Disputes between the federal government in Baghdad and the Kurdistan Regional Government over revenue-sharing and contract legality have repeatedly halted the Iraq–Turkey pipeline that carries northern (Kurdistan) crude, leaving the southern Basra terminals as the reliable route for nearly all of Iraq's exports.
Has Iraq complied with its OPEC+ production quota?
Not consistently. Iraq has a track record of producing above its OPEC+ allotment, citing the revenue needs of a state still rebuilding after war — a recurring friction point in OPEC+ compliance discussions, though it has pledged compensation cuts in several rounds.
Which oil companies operate in Iraq?
The oil company directory lists Basra Oil Company (Iraq), Pertamina with producing operations in Iraq. See the directory for who owns each company and which basins it works.
How big is Iraq within OPEC?
Iraq is #2 of the 11 OPEC members tracked here, producing about 4.39 million barrels a day of crude in 2025, or 16.7% of the group's 26.2 million b/d. The next larger producer is Saudi Arabia (9.55 Mb/d).