Iraq's oil production drops nearly 4% in 2024: EI Report

Shafaq News/ Iraq's oil production has decreased by approximately 4% in 2024, according to statistics published by the Energy Institute (EI).

The EI report, obtained by Shafaq News Agency, indicates that the total global production of crude oil and condensates reached 82.636 million barrels per day, marking a 1.4% growth compared to the previous year.

Iran achieved a record high in oil production among major producers. However, most oil producers worldwide did not only fail to increase their output this year but also faced declines. Iraq's oil production fell by 3.9%, Kuwait by 4.3%, Oman by 1.5%, the UAE by 3.4%, Algeria by 3.4%, and Russia by 1.1%.

According to the institute's statistics, Iran was the seventh-largest producer of crude oil and condensates globally last year, contributing 4.8% of the world's total output. The United States led as the world's largest producer with a 15.6% share, followed by Russia at 12.8%, Saudi Arabia at 11.6%, Canada at 6%, Iraq at 5.2%, and China at 5.1%.