Iraq aims to restore oil production to 3M barrels per day

Iraq's Oil Ministry said Friday it is working to restore production to more than 3 million barrels per day within two months, following a sharp decline caused by the US-Israeli war against Iran. Spokesman Salim Farhoud told the Iraqi News Agency that Iraqi oil production fell by around 60% due to the war, dropping to 1.3 million barrels per day from 3.3 million before the war began.

Recovery timeline

Farhoud said there is no fixed timeline for exports to return to previous levels, citing differences in reservoir conditions and production capacity across fields. He noted that operating companies had begun restoration work, with most firms — particularly Chinese companies — still present at sites. “It is possible that we will return within one to two months to the previous production levels, which exceed 3 million barrels per day from the southern fields,” Farhoud said.

Global oil market impact

Iraq is among the world’s largest oil producers and exporters, with proven reserves estimated at around 145 billion barrels. The restoration of Iraqi output, combined with the reopening of the Strait of Hormuz, would ease global supply constraints and help stabilise prices.