Foreign: Iraq’s oil minister said on Tuesday that deals signed between the oil ministry and US companies during a visit by Iraqi Prime Minister Ali al-Zaidi to the United States were estimated to be worth up to $200 billion.
According to Reuters, published on July 22, 2026, in an interview with Iraqi state television, Oil Minister Basim Mohammed said that the deals would help significantly increase oil production capacity as well as increase investment in related gas projects.
He also added that Iraq’s current oil production capacity is at 4.8 million barrels per day.
Iraq faces the same challenges as many other oil-producing countries: attracting investment and expanding production while remaining subject to OPEC+ production curbs.
Although Iraq has one of the world’s largest crude oil reserves, long-standing production restrictions have made it difficult to raise revenue to support a rapidly growing population.
Translated by Nay Tola
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