IEA: Iraq holds 600,000 bpd in spare oil capacity

Shafaq News/ Iraq has a spare oil production capacity of 600,000 barrels per day (bpd), the International Energy Agency (IEA) said in a report on Wednesday.
According to the report, the total spare capacity of the Organization of the Petroleum Exporting Countries (OPEC) stands at approximately 5.3 million bpd. This includes 3.1 million bpd held by Saudi Arabia, 1.1 million bpd by the UAE, 600,000 bpd by Iraq, and 400,000 bpd by Kuwait.
The report noted that this total spare capacity accounts for around 5.1% of global oil demand, which the IEA projects will average 104 million bpd in 2025.
The figures come days after the OPEC+ alliance—which includes OPEC members, Russia, and other partners—implemented further production cuts. The group has reduced output by approximately 6 million bpd through a series of measures since 2022 to support market stability.
OPEC maintains idle production capacity that can be activated in times of war or natural disasters.