What is Iraq's refining capacity?

Iraq’s total operating refining capacity is about 1.2 million b/d.27 The Iraqi government plans to reduce petroleum product imports by rehabilitating the refining sector and building new refineries, but the government has struggled in its efforts to attract the foreign investment needed in the downstream sector.

Why is Iraq's energy system vulnerable?

However the capacity to capture and process this gas has not kept pace. The inability to utilise its gas riches means that the country's gas deficit has grown, and Iraq now relies on imports from Iran to meet increasing demand. This has introduced a number of vulnerabilities to Iraq’s energy system.

Is Iraq oil production up in July?

23 Kate Dourian, Iraq Oil Report, “Iraq crude oil production up in July as KRG oil trickles back online,” August 21, 2023. 24 U.S. Energy Information Administration, Short-Term Energy Outlook, September 2023. 25 Facts Global Energy, Middle East Oil Databook 4, Middle East Refined Product Balances, Fall 2023, page 84, and Spring 2023, page 88.

Does Iraq approve a $153 billion budget?

Ahmed Rasheed and Timour Azhari, Reuters, “Iraq approves record $153 billion budget including big public hiring,” June 11, 2023. International Monetary Fund, 2022 Article IV Consultation with Iraq, February 2023, Table 2, page 27. U.S. Energy Information Administration, OPEC Revenues Factsheet, June 2023.

How much natural gas does Iraq produce?

About two-thirds of Iraq’s natural gas output is associated natural gas, which is a byproduct of oil production.45 Production cuts from Iraq’s oil fields in early 2020, following the OPEC+ agreement, lowered associated natural gas output as well, and natural gas output was around 260 billion cubic feet per year (Bcf/y).

When will Iraqi crude oil imports reopen?

90 Reuters, “UPDATE 1-Jordan announces resumption of Iraqi crude oil imports,” May 22, 2023; The Arab Weekly, “Jordan announces resumption of Iraqi crude oil imports,” May 23, 2023.