According to a new report published by the International Energy Agency (IEA), Iraq could raise production to become the worlds third largest oil supplier by 2030.
Situated behind the US and Brazil, Iraq is projected to reach production of 6 mmbbl of oil production per day by 2030. However, in order to achieve this the country must attract foreign investment, increase its access to water for well injection and maintain stability throughout the country's political and security situation.
The report also projected major gas production increases for Iraq, with much of the country's current gas production flared. With major investment in a number of new gas production projects underway, the report suggested Iraq should continue to focus on capturing flared gas, with approximately 16 bcm of gas flared each year, enough to fuel 3 million homes.
Despite the difficulties Iraq has faced with its war against IS as well as political and security instability, it has made significant progress in doubling oil production over the last 10 years.