Key Market Indicators
Demand for Iraqi crude oil is set to reach 2 million metric tons in January 2022, a decrease of 18% from the previous year. Since 2012, demand has fallen by 2%. Meanwhile, Iraqi production is projected to rise by 2.4% annually over the next five years, from 248 million tonnes of oil equivalent in 2021 to nearly 290 million tonnes in 2026. Since 1976, Iraqi production has increased by 2% a year on average. In 2021, it ranked fourth, behind Saudi Arabia, the United States and Iraq respectively.
