Key Market Indicators
Demand for Iraqi crude oil is close to 2 million metric tons for January 2022, down 17.8% from December 2021. This marks a 1.9% decrease year-on-year since January 2012. Meanwhile, Iraqi crude oil production is expected to reach nearly 290 million tonnes of oil equivalent by 2026. This is a 2.4% annual growth rate since 2021 and a 2% increase since 1976. Iraq came in fourth in the rankings in 2021, with the United States in first, Saudi Arabia in second and Iraq in third.
