Iraqi oil minister Ihsan Ismael (left) and prime minister Mustafa al-Kadhimi at the Rumaila oilfield
Iraq shrugs off partner uncertainty to lift long-term target
The country has lifted its long-term production target to 8mn bl/d despite continued murmurings about IOC dissatisfaction
Iraq has shelved its previous 7mn bl/d production target for 2027 in favour of an even more ambitious 8mn bl/d figure, oil minister Ihsan Ismael told the state-owned Iraq News Agency (Ina) in early August. And it has also agreed drilling contracts with a number of IOCs, as the country tries to dispel the impression that it could suffer a mass exodus of foreign investors. By short-term metrics, July was an exceptionally positive month for the federal government’s oil sector, with soaring prices combined with ongoing easing of Opec-mandated cuts driving revenues to a 19-month high. Export revenues climbed to $6.51bn last month, 87pc higher year-on-year and the highest since December 2019,
Also in this section
18 February 2026
With Texas LNG approaching financial close, Alaska LNG advancing towards a phased buildout and Magnolia LNG positioned for future optionality, Glenfarne CEO Brendan Duval says the coming year will demonstrate how the company’s more focused, owner-operator approach is reshaping LNG infrastructure development in the North America
18 February 2026
The global gas industry is no longer on the backfoot, hesitantly justifying the value of its product, but has greater confidence in gas remaining a core part of the global energy mix for decades
18 February 2026
With marketable supply unlikely to grow significantly and limited scope for pipeline imports, Brazil is expected to continue relying on LNG to cover supply shortfalls, Ieda Gomes, senior adviser of Brazilian thinktank FGV Energia,
tells Petroleum Economist
17 February 2026
The 25th WPC Energy Congress, taking place in Riyadh, Saudi Arabia from 26–30 April 2026, will bring together leaders from the political, industrial, financial and technology sectors under the unifying theme “Pathways to an Energy Future for All”
