Iraq Will Deliver Third-Biggest Chunk of New Oil Over Next Decade, IEA Says
- Oil production will approach 6 million barrels a day by 2030
- Water supplies, investment constraints to cap supply growth
An oil installation in the massive Majnoon oil field, north of the Iraqi city of Basra, on March 25, 2019.
Photographer: Hussein Faleh/AFP/Getty Images
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Iraq will be the third-biggest provider of new oil supplies over the next decade, boosting its production by almost 30 percent, according to the International Energy Agency.
The OPEC member will raise output to almost 6 million barrels a day by 2030, overtaking Canada as the world’s fourth-largest producer, as it continues to rehabilitate an oil industry ravaged by decades of conflict and sanctions, the IEA said Thursday. Only the U.S. and Brazil will add more output in the period.