Iraq poised to capitalize on OPEC supply drops
With more than 300,000 bpd of new capacity coming online this year, Iraq is well positioned to take market share as U.S. sanctions snap back on Iran.
Iraq Oil Minister Jabbar al-Luiebi (center) awaits the start of the Nov. 30, 2017, OPEC meeting with Alaa al-Yassiri (left), director general of the State Oil Marketing Organization and Adnan Noshi (right), director general of the Missan Oil Company. (Source: Iraq Oil Ministry media office)
Iraq's production capacity is likely to expand by more than 300,000 barrels per day (bpd) by the end of the year, according to an Iraq Oil Report analysis, highlighting the country's ability to help compensate for supply disruptions from other OPEC members.
The Oil Ministry is unlikely to take full advantage of rising capacity because of other infrastructure bottlenecks, but Iraq's production potential still highlights its growing importance to global oil markets - and U.S. foreign policy - as the Trump administration re-imposes sanctions on Iran and its oil exports.
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