Record August production highlights Iraqi spare capacity
As oil markets respond to geopolitical conflicts, a record month for Iraqi crude production showcases the latent potential of the country's state-run fields.
A view of the Majnoon central processing facility on Jan. 28, 2018. (JASSIM AL-JABIRI/Iraq Oil Report)
Iraq set an all-time record for oil output in August, producing nearly 5 million barrels per day (bpd) -- a significant increase that demonstrates the country's potential to provide a cushion to global oil markets jolted by geopolitical conflict.
The federal government and the autonomous Kurdistan Regional Government (KRG) together produced 4.97 million bpd in August, according to an Iraq Oil Report analysis based on data gathered from each of the country’s producing fields -- a jump of 124,000 bpd compared to July and well above the country's previous high-water mark of 4.94 million bpd, set in December 2018.
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