IMF forecasts Iraq's oil production to reach 4.63 Million bpd

Shafaq News / The International Monetary Fund (IMF) predicted on Monday that Iraq's oil production for the current year is expected to reach approximately 4.63 million barrels per day.

According to a table released by the IMF for the month of May of the current year, it is also anticipated that Iraq's oil production will further increase in 2024 to an average of 4.74 million barrels per day.

The IMF stated, "Iraq's oil production in 2022 recorded an average of 4.44 million barrels per day, while it stood at 3.97 million barrels per day in 2021, and 4 million barrels per day in 2020."

The report also highlighted that Saudi Arabia had the highest oil production rate among oil-producing Arab countries, with an output of 10.57 million barrels per day in 2022. Iraq followed Saudi Arabia, and the United Arab Emirates ranked third with an average of 3.14 million barrels per day.

Meanwhile, Bahrain had the lowest oil production among Arab countries at an average of 190,000 barrels per day.

These projections and rankings indicate Iraq's significant role in the global oil market and its potential for further growth in the coming years.