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Iraq Plans to Raise Oil Production Capacity Above 6 Million bpd by 2029

Construction underway to build a new refinery. Photo: Iraq's Oil Ministry
Construction underway to build a new refinery. Photo: Iraq's Oil Ministry
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Iraq Plans to Raise Oil Production Capacity Above 6 Million bpd by 2029

Construction underway to build a new refinery. Photo: Iraq's Oil Ministry
Construction underway to build a new refinery. Photo: Iraq's Oil Ministry

Iraq plans to raise oil production capacity to more than 6 million barrels per day (bpd) by 2029, the state news agency quoted Iraq's Oil Ministry as saying on Sunday.
Oil Ministry undersecretary Bassem Mohamed Khodeir told the agency that Iraq aims to achieve its target through oil exploration and nationwide drilling activity, pointing to a recent deal with oil major BP to redevelop four Kirkuk oil and gas fields.
Iraq's current oil output stands at about 4 million bpd, Oil Ministry officials say.
It is the second-largest producer within the OPEC+ group comprising the Organization of the Petroleum Exporting Countries and allies including Russia and last month reaffirmed commitment to the group's output agreement. Iraq also said it would present an updated plan to compensate for any previous overproduction.

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Egypt Approves $91 Billion Budget for 2025/26

The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
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Egypt Approves $91 Billion Budget for 2025/26

The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
The sun rises in Cairo, Egypt March 25, 2025. (Reuters)

Egypt's cabinet approved a 4.6 trillion Egyptian pound ($91 billion) draft state budget for the financial year that will begin in July, a government statement said on Wednesday, as it continues to tighten its finances under an IMF program.

Expenditures will rise by 18% and revenue by 19% over the current 2024/25 budget. Revenue is expected to hit 3.1 trillion pounds, working out to a deficit of about 1.5 trillion pounds ($30 billion).

The increased expenditure partly reflects elevated headline inflation, which was running at an annual 12.8% in February.

Financial reforms under an $8 billion financial reform program signed in March 2024 with the International Monetary Fund have helped Egypt bring inflation down from a peak of 38% in September 2023.

The IMF this month approved the disbursement of $1.2 billion to Egypt after its fourth review of the program.

The new budget targets a primary surplus of 795 billion pounds, equal to 4% of GDP, up from the 3.5% primary surplus originally targeted in the 2024/25 budget.

The IMF granted the government a waiver in the fourth review after the surplus came in 0.5% of GDP lower than Egypt's earlier commitment.

In its third review in June, the IMF praised Egypt for its "strict control of spending".

The new budget also lowers public debt to 82.9% of GDP from an expected 92% in 2024/25, the cabinet statement said.

The cabinet said 732.6 billion pounds in spending in the new budget would be allocated for subsidies, grants and social benefits, an increase of 15.2%.

The budget increases commodities and bread subsidies by 20% to 160 billion pounds. It will also include 75 billion pounds to subsidize petroleum products, 75 billion pounds to subsidize electricity and 3.5 billion pounds to subsidize natural gas deliveries to households, the statement added.