Iraq targets 10 mb/d oil output in 5 years, signs LNG import MoU with TotalEnergies

Iraq announced plans to raise oil production capacity to 10 million barrels per day within five years, up from current levels, and signed an MoU with TotalEnergies to import LNG. The production target is ambitious and faces infrastructure and investment hurdles; the LNG import deal signals Iraq's need for gas to meet domestic power demand. This could affect global oil supply expectations and regional energy dynamics.