Iraq aims to lift oil output capacity to 10 million bpd by 2032
Iraqi Prime Minister Ali al-Zaidi said the country plans to gradually raise oil production capacity to 10 million barrels per day by 2032.
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what happened
Iraq plans to step up its oil production capacity gradually, reaching 10 million barrels per day by 2032. Prime Minister Ali al-Zaidi made the remark in an interview with Iraq's Al Ekhbariya on Friday, Reuters reported.
The statement describes a long-term target rather than an immediate change in output.
why it matters
Such plans matter to the market because Iraq is one of OPEC's largest producers. Higher capacity over time would add to global crude supply and could weigh on Brent prices in the future, though the timing and pace remain uncertain.
market impact
Oil: a long-term supply increase from Iraq, a potential downward pressure on Brent and WTI
tags
instruments
sources
- Iraq targets 10 mln bpd oil output by 2032 — Reuters, 23 October 2026 at 18:58 UTC
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