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The Iraqi government has reaffirmed its commitment to an expansion plan for the oil sector, which includes building new pipelines, expanding export outlets, and modernizing the oil fleet, with the goal of increasing production capacity to 7 million barrels per day within the next three years. Iraq’s oil exports in August reached around two million barrels per day, the highest level since the disruption of navigation through the Strait of Hormuz. The plans also involve diversifying export outlets through the Turkish İskenderun Port and establishing pipelines connecting Basra and Diyala with Syria and Turkey. Additionally, there are ongoing negotiations with Turkey to ensure the continued export of Kurdistan Region’s oil. The government relies on oil for over 90% of the budget revenues and aims to increase non-oil revenues from 10% to 45% by 2037.
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