Iraq’s Crude Oil Refining Capacity to Surge by 2030

SEATTLE (Scrap Monster):  The latest report on oil and gas sector published by the Arab Investment and Export Credit Guarantee Corporation predicts notable surge in Iraq’s crude oil refining capacity by the end of the current decade.

According to the report, the foreign direct investment (FID) in the oil and gas sector has been primarily concentrated in the UAE, Egypt, Iraq, Saudi Arabia, and Qatar over the past two years. Together, these countries accounted for nearly 64% of the total projects, 71% of the investment costs and over 68% of new jobs in the sector.

The crude oil and gas production in Arab countries is projected to witness 6.4% increase to 28.7 million barrels per day in 2024. The production is expected to reach approximately 33 million barrels per day by 2030, the report said.

The crude oil refining capacity is anticipated to surge to 11.3 million barrels per day this year, accounting for around 10.7% of global capacity. The capacity is forecast to reach 11.4 million barrels per day by 2030, primarily driven by anticipated growth in countries including Iraq and the UAE.

The net hydrocarbon exports from Arab countries are projected at 23.5 million barrels of oil equivalent per day in 2024 and 27 million barrels of oil equivalent per day by 2030, driven by robust net exports from the four Gulf countries, Iraq and Libya.