Iraq Economic News and Points To Ponder Wednesday Morning 8-20-25
OPEC Oil Refining Capacity: What Is Iraq's Ranking?
Economy 2025-08-19 | 583 views Alsumaria News – Economy oil refining capacity continues OPEC its five-year upward trend, with new refineries being built or existing capacity being expanded.
The organization's latest annual statistics, published by the Washington-based Energy Research Unit, showed thatoil refining capacity in member states increased by 18.5%, or 2.2 million barrels per day, during the period from 2020 to 2024.
OPEC 's oil refining capacity increased by 0.5%, or 71,000 barrels per day, in 2024,
bringing the total to 14.14 million barrels per day.
The share of the 12 OPEC member states in total global refining capacity increased from 11.8% in 2020 to 13.6% in 2024, with global capacity reaching 103.8 million barrels per day last year.
On the other hand, refinery production in OPEC countries increased by 5%,
or 411,000 barrels per day, to reach 8.921 million barrels per day in 2024,
compared to about 8.511 million in 2023.
This means that OPEC's refinery utilization rate —refinery production divided by total refining capacity—will not exceed 63% in 2024, according to the Energy Research Unit's analysis.
Developments In Oil Refining Capacity In OPEC Countries
accounted Saudi Arabia for nearly a quarter of OPEC's oil refining capacity in 2024,
with its refining capacity remaining unchanged at 3.291 million barrels per day (bpd) from 2023.
The Kingdom's refining capacity increased by 12.5%, or 364,000 barrels per day,
between 2020 and 2024, according to OPEC's annual report. ranked Iran second among OPEC countries,
with its refining capacity set to stabilize at 2.237 million barrels per day in 2024.
Iran's refining capacity has not seen significant changes over the past five years,
remaining at around 2.2 million barrels per day, or slightly higher since 2020.
Venezuela ranked third among OPEC countries, with its crude refining capacity set to remain stable at 2.154 million barrels per day in 2024, the same level as in 2020.
Refining Capacity In Kuwait, Iraq And The UAE
Kuwait has taken fourth place in OPEC's oil refining capacity, with its capacity increasing by pproximately 36,000 barrels per day, reaching 1.451 million barrels per day by 2024.
Kuwait's refining capacity has seen a significant jump of 81%,
or 651,000 barrels per day, since 2020, thanks to the operation of the Al-Zour refinery,
according to comparative data analyzed by the Energy Research Unit.
ranked Iraq fifth, with its refining capacity remaining stable at 1.266 million barrels per day in 2024, unchanged from 2023.
However, Iraq's refining capacity has jumped by 67%, or 508,000 barrels per day, since 2020.
The UAE ranked sixth in terms of refining capacity,
which remained virtually stable at 1.227 million barrels per day in 2024, unchanged from 2020.
Refining Capacity In Nigeria, Algeria And Libya
Nigeria ranked seventh in OPEC's oil refining capacity,
with its capacity set to increase by just 3,000 barrels per day to 1.125 million barrels per day in 2024.
Nigeria's refining capacity remained below 500,000 barrels per day from 2020 to 2022,
before jumping to 1.22 million barrels per day in 2023.
The main reason for this boom is the operation of the Dangote Refinery (the largest refinery in Africa),
which has a design capacity of approximately 650,000 barrels per day.
Algeria ranked eighth, with its refining capacity remaining stable at 677,000 barrels per day in 2024,
unchanged from 2020.
Libya ranked ninth, with its oil refining capacity increasing by 32,000 barrels per day,
reaching 666,000 barrels per day in 2024.
Libya's refining capacity remained stable at 634,000 barrels per day from 2020 to 2023,
according to annual data monitored by the Energy Research Unit.
OPEC Oil Refining Capacity In 2024, From Largest To Smallest
Gabon ranked tenth in OPEC's oil refining capacity, with its refinery capacity remaining stable at 25,000 barrels per day since 2020.
ranked Congo 11th, with its refining capacity remaining stable at 21,000 barrels per day in 2024, unchanged from 2020.
is Equatorial Guinea the only OPEC member state without refineries, according to the Energy Research Unit.
In brief, the oil refining capacity of OPEC countries in 2024 can be arranged as follows:
Saudi Arabia: 3.291 million barrels per day.
Iran: 2.237 million barrels per day.
Venezuela: 2.154 million barrels per day.
Kuwait: 1.451 million barrels per day.
Iraq: 1.266 million barrels per day.
UAE: 1.227 million barrels per day.
Nigeria: 1.125 million barrels per day.
Algeria: 677,000 barrels per day.
Libya: 666,000 barrels per day.
Gabon: 25,000 barrels per day.
Congo: 21,000 barrels per day.
https://www.alsumaria.tv/news/economy/537686/طاقة-تكرير-النفط-في-دول-أوبك-ما-ترتيب-العراق؟
Government Advisor: Oil Will Return To $75 Soon... Here's Why
Time: 2025/08/19 Read: 600 times {Economic: Al Furat News} The Prime Minister's economic advisor, Mazhar Mohammed Saleh, confirmed that the need for oil energy will increase after each cycle of price decline, noting that this increase will restore balance to the energy market, which will push the price of a barrel of oil to an average of no less than $75 higher.
Saleh told Al Furat News: “The need for oil energy will increase after each cycle of price decline due to the rise in production costs in the world’s major producing regions, which will restore balance to the energy market and raise the price of a barrel of oil to an average of no less than $75 per barrel, especially after the market’s glut of cheap oil disappears due to geopolitical turmoil around the world.”
He added, "This is a temporary situation that does not represent a long-term investment strategy in oil energy markets, particularly the US production market, as it is the world's largest oil producer, but at high costs compared to the low-cost production costs of Middle Eastern and Gulf oil." LINK
Economic Media
Economic 08/20/2025 Yasser Al-Mutawali It is necessary to reconsider the selection of figures who speak on economic issues, to ensure the transmission of a clear and attractive image that reflects real potential, thus serving as a tool to enhance trust and attract international cooperation.
The danger of economic discourse lies in its external repercussions, as
it directly contributes to shaping other countries' perceptions of a country's strength or weakness.
Since international relations are built on the size, capabilities, and potential of each country,
the image of the national economy becomes the basis for shared interests.
It goes without saying that a country's strength is largely measured by the strength of its economy,
a key criterion for determining the nature of its economic relations with the world.
In the case of Iraq, there is a dire need to unify the economic media discourse to enhance the country's reputation
and present it as a significant economic power,
given its untapped wealth and resources, in addition to its status as an oil-producing country par excellence.
The goal here is to attract investment and build solid economic relations in this manner.
But what happens if a false image of a country's economy is conveyed?
The likely result is a state of uncertainty, especially when
statements conflict and the
language of unification disappears from the discourse,
replacing the image of strength with an impression of weakness.
One of the most prominent causes of this problem is the growing circle of so-called "accidental experts."
These are individuals who
present themselves, or are
presented through certain media outlets,
as economic experts,
without possessing any real qualifications.
An economic expert is not just a title;
it is the result of a long process that begins with an interest in economic affairs,
then progresses to the stage of economic researcher, and
finally to the level of expert, which is
awarded through scientific evaluation by a competent and respected body,
after accumulating
experience and a
deep understanding of economic theories and concepts.
The lack of precise criteria for awarding the title of "expert" has negatively impacted Iraq's international image.
Statements by non-experts have painted a vague picture of the economic reality,
leading to a disdainful view from some countries,
which have come to view Iraq as a country unqualified to build strong economic relations.
Therefore, it is necessary to reconsider the selection of figures who speak on economic issues,
ensuring they convey a clear and attractive image that reflects real potential, thus
serving as a tool for enhancing trust and attracting international cooperation.
The phenomenon of “coincidence experts” can be said to be comparable to malicious rumors in the extent of their negative impact on public opinion, and perhaps even exceed them in Some cases. https://alsabaah.iq/119250-.html
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