Through its 80 known oil fields, Iraq is estimated to have almost 10% of the world’s proven reserves (143 billion barrels) and 2% of the world’s natural gas reserves, making it the largest EITI implementing country by oil and gas reserves. The Rumaila and West Qurna fields together hold more proven oil reserves than the entire United States. According to the International Energy Agency, Iraq has the potential to earn USD 5 trillion in oil revenues between 2013 and 2035. For the same time period, it is estimated that Iraq will provide 45% of global production growth and become the world's second largest exporter of oil. Internal conflict and cut-backs in investment due to low oil prices are among the factors hampering Iraq's ability to reach this potential.
In Baghdad-administered Iraq, the industry is completely state-owned, with the oil marketing company SOMO selling crude to 40 accredited international companies on behalf of four producing companies, South Oil Company, North Oil Company, Missan Oil Company and Midland Oil Company. According to the latest IEITI Report, over 4.38 million barrels per day were produced in 2016 (including production in Iraqi Kurdistan). The eleven international Technical Service Contracts (TSCs) that have been signed hold the promise of a total production of over 13 million barrels per day. If this figure were ever achieved, Iraq would become the largest oil producer in the world. The current goal of the Ministry of Oil is to reach a production capacity of 6.5 million barrel per day by 2022.
The semi-autonomous Kurdish Regional Government (KRG) has a series of production sharing agreements with international companies.
All officially exported oil from Iraq, including from Kurdistan, goes through the Iraq-Turkey pipeline with ports at Basra and Ceyhan (in Turkey). Any oil in that pipeline is officially the property of SOMO, the Iraqi state-owned oil company.