Global Insights: Despite Rebound, Obstacles Remain for Iraq’s Oil Sector

For the first time in several decades, Iraq reclaimed its place as the second-largest OPEC oil producer in July. Iraq produced more than 3 million barrels per day (bpd) over the month, surpassing Iran, whose production fell to 2.9 million bpd. The development resulted from a combination of Iraq’s gradually increasing oil output and Iran’s decreasing production due to the growing impact of international sanctions on Iran’s energy production sector. During the past five years, Iran’s oil production has decreased by about 1 million bpd due to various multinational and unilateral sanctions on its commercial activities. Meanwhile, Iraq’s output has […]