Countering ISIS: Iraq Aims To Triple Its Refining Capacity

10 Jun 2017   Iraq

Iraq is planning to triple its refining capacity as the third-largest oil exporter increases crude oil production, Bloomberg reported, based on an interview with an official in the country. World’s top 20 oil exporters according to CIA data. Iraq’s current production is 4.5 MMBOPD, way beyond in-country refining capacity Currently, Iraq is capable of processing about 500 MBOPD, far below the ~4.5 MMBOPD the country produced in 2016. Iraq exports much of this surplus crude, making it the third-largest exporter of crude oil according to Bloomberg. The small amount of refining capacity means that one of the world’s largest oil producers actually has to import gasoline and other refined products. The country spends more than $2 billion each year importing various refined products. Multiple projects planned A group of planned projects, if they are completed, would go a long way to fixing this problem. The biggest project is a […]

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