Ideas Markets Events Research
Close
search
Ideas
Markets
Events
Research
Nothing found
Select a section for which the search will be carried out
24 March 2025 | Oil

Iraq plans to increase oil production to 6 million barrels per day by 2029

Brent
WTI Light Crude Oil
Iraq plans to increase oil production to 6 million barrels per day by 2029

According to Iraq's oil ministry undersecretary, the country intends to boost oil production to over 6 million barrels per day by 2029. He believes such a goal can be achieved through oil exploration and drilling activity.

The official also points to a recent deal with BP to redevelop four major oil and gas facilities in Kirkuk. Currently, Iraq's oil output is around 4 million barrels per day.

The Middle Eastern country is OPEC+'s second-largest oil producer. Iraq said it will soon present a new plan to compensate for exceeding production quotas. 

OPEC+ is cutting oil output by 5.85 million barrels per day, which is approximately 5.7% of global supply. The organization plans to start rolling back its production cuts next month, Bloomberg reports.

Elena Berseneva MarketCheese

Recommended

United States. Crude Oil Inventories. The value of the indicator has decreased from 2.998M to -1.692M
15 July
United States. Cushing Crude Oil Inventories. The value of the indicator has increased from -0.052M to 0.43M
15 July
United States. API Weekly Crude Oil Stock. The value of the indicator has increased from -0.399M to -0.056M
14 July
United States. CFTC Crude Oil speculative net positions. The value of the indicator has decreased from 110.5K to 75.7K
10 July
United States. U.S. Baker Hughes Oil Rig Count. The value of the indicator remained at the same level of 445
10 July
Top news
United States. Retail Sales (MoM). The value of the indicator has decreased from 1% to 0.2%
16 July
European Union. Trade Balance. The value of the indicator has decreased from -1.2B to -7.8B
16 July
Canada. BoC Interest Rate Decision. The value of the indicator remained at the same level of 2.25%
15 July
United States. CPI (YoY). The value of the indicator has decreased from 4.2% to 3.5%
14 July
United States. Trade Balance. The value of the indicator has decreased from $-54.6B to $-77.6B
7 July
All news

Forecasts

S&P 500 sell
Period: 27.07.2026 Expectation: 1380 pips
S&P 500 braces for volatility ahead of major tech reports
Indicators and reports Technical analysis Hot news Indicators Fundamental analysis
Today at 06:17 AM 2
Emily_Foster
Brent buy
Period: 24.07.2026 Expectation: 650 pips
Brent crude still has upside potential after consolidation
FA Other Technical analysis Chart analysis Indicators Fundamental analysis
17 July 2026 47
Lyra_Moonwell1
AUDCAD sell
Period: 17.08.2026 Expectation: 650 pips
Selling AUDCAD down to 0.97500
FA Other Indicators and reports Hot news Indicators
17 July 2026 35
Sinclair_John
USDCAD buy
Period: 24.07.2026 Expectation: 950 pips
USDCAD is bottoming out after recent pullback from July highs
Indicators and reports Technical analysis Hot news Indicators Fundamental analysis
17 July 2026 44
Emily_Foster
GBPUSD sell
Period: 01.08.2026 Expectation: 2400 pips
GBPUSD sell-off targets 1.31500
FA Other Indicators and reports Chart analysis Hot news
17 July 2026 42
Reed_Marcus
Gold sell
Period: 31.07.2026 Expectation: 250 pips
Selling gold down to $4,000
FA Other Chart analysis
17 July 2026 50
Bruce_Powers
Go to forecasts