Saturday, August 30, 2025
31 C
Baghdad

Iraq Boosts Oil Refining Capacity to 1.3 Million Barrels Daily

Iraq boosts oil refining capacity to 1.3 million barrels per day, marking a major milestone in the country’s energy strategy. This increase follows last year’s level of 1.1 million barrels per day. The new achievement demonstrates Iraq’s determination to strengthen self-sufficiency in petroleum production.

According to the Prime Minister’s Office, the initiative seeks to meet all domestic demand for petroleum products. Domestic consumption already exceeded 1.1 million barrels per day in 2024. By expanding refining operations, Iraq moves closer to fully covering national needs with local production instead of relying on imports.

In addition, Iraq boosts oil refining capacity to reduce dependency on foreign fuel. Officials expect this step to lower imports to the smallest levels in decades. Consequently, the government can redirect spending toward other infrastructure and development priorities.

Prime Minister Mohammed Shia al-Sudani also highlighted Iraq’s long-term target of 1.65 million barrels per day. That goal, he explained, will ensure both domestic stability and stronger positioning in global energy markets.

Furthermore, Iraq has partnered with global energy corporations to advance its refining sector. Companies like Chevron, TotalEnergies, and British Petroleum (BP) already play a role in Iraq’s ambitious expansion. These partnerships confirm Iraq’s intention to attract international investment and expertise.

Although Iraq faces political and economic challenges, the government continues to prioritize growth in refining capacity. As the second-largest oil producer within OPEC, Iraq holds a vital role in international energy security. Increasing refining output reinforces that position while giving the country more economic resilience.

Moreover, Iraq boosts oil refining capacity as part of a broader development vision. Officials want to balance energy independence with modernization across other sectors. By doing so, Iraq can gradually reduce vulnerabilities while creating new opportunities for growth.

Through these efforts, Iraq shows determination to overcome challenges and strengthen its energy future. The government views refining expansion as a pathway toward both economic stability and national self-reliance.

Hot this week

Banking Sector Reforms Boost Investor Confidence

The banking sector reforms boost investor confidence in Iraq...

International Development Bank Opens Iraq’s First Smart Branch

The International Development Bank (IDB) has launched Iraq’s first...

Iraq Electricity Production Reaches 28,000 Megawatts Amid Expansion Plans

Iraq’s electricity production has reached a new record, rising...

Iraq Seeks Stronger Energy and Investment Ties with US

Iraq is actively pursuing stronger collaboration with the United...

Iraq National Security Service Seizes Smuggled Goods in Major Operations

Iraq’s National Security Service (INSS) has launched large-scale nationwide...

Topics

Banking Sector Reforms Boost Investor Confidence

The banking sector reforms boost investor confidence in Iraq...

International Development Bank Opens Iraq’s First Smart Branch

The International Development Bank (IDB) has launched Iraq’s first...

Iraq Electricity Production Reaches 28,000 Megawatts Amid Expansion Plans

Iraq’s electricity production has reached a new record, rising...

Iraq Seeks Stronger Energy and Investment Ties with US

Iraq is actively pursuing stronger collaboration with the United...

Iraq National Security Service Seizes Smuggled Goods in Major Operations

Iraq’s National Security Service (INSS) has launched large-scale nationwide...

Kurdistan Region Sends Oil Revenue to Federal Treasury

The Kurdistan Region has officially completed the Kurdistan oil...

Development Road Project Gains Momentum in Iraq

Iraq’s Deputy Prime Minister and Planning Minister, Mohammed Ali...

Gold and Dollar-Dinar Price Today Shows Stability Amid Market Fluctuations

Gold and Dollar-Dinar price today highlights stability as Iraq’s...

Related Articles