Iraq Country Analysis Brief
(Wed, 14 Feb 2024) Iraq holds some of the worldâs largest oil reserves and is the second-largest producer in OPEC after Saudi Arabia. Although Iraq intends to increase its crude oil production capacity, Iraqâs export infrastructure is constrained and midstream projects are often delayed because of insufficient investment and bureaucratic hurdles. In addition, Turkey stopped crude oil flows from northern Iraq through the Iraq-to-Turkey pipeline in March 2023, which has severely limited northern Iraqâs crude oil exports.