BAGHDAD — Iraq’s oil minister announced Tuesday that agreements reached between the country’s oil ministry and American companies, made during Iraqi Prime Minister Ali al-Zaidi’s visit to the United States, carry an estimated value of around $200 billion.
Minister Basim Mohammed spoke with Iraqi state television about the deals, saying they are expected to meaningfully expand the country’s oil production capacity while also increasing investment in projects related to associated gas.
Mohammed also noted that Iraq’s current oil production capacity sits at 4.8 million barrels each day.
Like many oil-producing countries, Iraq faces a difficult balancing act — trying to attract outside investment and grow its output while staying within the production limits set by the OPEC+ alliance of oil-producing nations.
Despite holding some of the largest crude oil reserves anywhere in the world, Iraq has long struggled with restrictions on production that have made it harder to generate the revenues needed to support a rapidly expanding population.
