FGE’s Iraq Oil Monthly builds upon decades of research, consulting, and professional networking to provide our clients with a detailed and comprehensive analysis of Iraq’s oil market.
Iraq has been a key contributor to OPEC liquids growth, with International Oil Companies (IOCs) having added 300,000 b/d year-on-year from 2010-15 and 185,000 b/d in 2016 and 2017 alone.
Over the next decade, Iraq’s upstream development will prove both more costly and complex. Beyond the need to manage the transition from primary to secondary oil recovery - increasing the need for water injection schemes - operators face a host of challenges: a greater focus on gas treatment projects, degassing station upgrades, addressing midstream infrastructure bottlenecks and managing relations with Iraq’s political machinery.
For traders, Iraqi crude exports are keenly watched in East of Suez markets. Key demand centres - particularly India and China - rely on a regular flow of medium-heavy crude from the country. In the products market, Iraq’s role as a gasoline importer and fuel exporter highlights the growing importance of understanding the country’s fuel balances.