# Iraq Energy Profile — Complete Reference

**URL:** https://thecodex.expert/energy/countries/iraq/
**Session:** 40 | **Date:** 2026-07-09

## Summary

Iraq holds ~145 billion barrels proven oil reserves (world's 5th-largest, ~17% Middle East, ~8-9% global). OPEC's 2nd-largest producer after Saudi Arabia, world's 7th-largest total petroleum liquids producer (2024), ~4.4M bbl/day production (2024), capacity ~4.6-4.8M bbl/day, bound by OPEC+ quotas. Oil = ~90-92% of government revenue, ~99% of exports, ~39% of GDP (2024). Rumaila field (Basra, discovered 1953, producing since 1954) is Iraq's largest super-giant field, ~17bn bbls OOIP, ~1.3-1.47M bbl/day (2024-2026), ~30-40% of national output, operated by BP-led consortium (BP+CNPC) under technical service contract, owned by state Basra Oil Company. China is largest customer (~1.2M bbl/day), then India (~1M), South Korea. Chinese companies ~50% of Iraqi production. Government targets 7M bbl/day capacity + 40% domestic refining by 2030, but political gridlock (year to form government post-2021 elections) repeatedly delays investment. Sources: US EIA, Eurasia Review, Ecomnews Med, Iraq Oil Report, Wikipedia.