Middle East tricky energy triangle
Baghdad's and Erbil's oil-output plans are entwined with political differences and Ankara's strategy to diversify energy sources
The ashen fabric of Iraqi life over the past few years has had at least one bright thread running through it: the oil sector has gone from strength to strength. Today, on the face of it, the prospects look good. Earlier this year, Iraq added 10bn barrels to its oil reserves, raising them to 153bn barrels. Now the country is about to go one step better. Oil minister Jabar al-Luaibi told the Iraq Energy Forum 2017 in Baghdad in April that a further 15bn barrels would be added by 2018. In this same period, he continued, oil-production capacity would rise from around 4.4m barrels a day to 5m b/d. Some Iraqi officials are daring to suggest that this figure could reach 9m b/d by 2040. The recent a
Also in this section
10 March 2026
From Venezuela to Hormuz, the US—backed by the most powerful military force ever assembled—is redrawing not only oil and gas flows but also the global balance of energy power
10 March 2026
By shutting the Strait of Hormuz, Iran has cut exports of distillate-rich Middle Eastern crude, jet fuel and diesel, and is holding the energy market hostage
10 March 2026
Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
