Iraq and America flags (iStock)

The agreements add significant oil production capacity and will increase investments in gas projects

Iraq

Baghdad - Reuters

Published: July 22, 2026: 08:47 AM GST Last updated: July 22, 2026: 09:13 AM GST

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Iraqi Oil Minister Bassem Mohammed said the value of agreements signed between the ministry and US companies during Iraqi Prime Minister Ali al-Zaidi's visit to the United States is estimated at about $200 billion.

In an interview with official Iraqi television, the minister said these agreements will add significant oil production capacity and increase investments in associated gas projects.

He added that Iraq's current oil production capacity is 4.8 million barrels per day.

Iraq faces the challenge faced by many oil-producing countries: attracting investments and increasing production while still constrained by production limits imposed by the oil producer alliance (OPEC+).

Despite having some of the largest crude oil reserves in the world, long-standing production restrictions complicate its ambitions to increase revenues to support its rapidly growing population.

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