An expansion of Iraq's largest refinery is re-starting after a two-year delay, but other projects are in limbo because high crude prices are squeezing margins for the state-run company.

A 200-well driling plan aims to double production at one of Basra's largest fields — including high-value light crude from a relatively untapped reservoir.

Even though Iraq is emerging from OPEC-plus quota constraints, its most prolific oil field is still producing well below capacity as BP, PetroChina, and BOC negotiate near-term plans.

Output is rising at Iraq's only commercially producing dry gas field, but reserves estimates have been cut in half.

Work on the Grand Fao port project is moving forward, and oil product exports via Khor al-Zubair are getting an upgrade.

Expansions of southern Iraq's refining capacity appear to depend on negotiations with foreign investors.

Infrastructure bottlenecks will limit Iraq's exports and production in the short term, but SOMO is squeezing value from oil sales through new marketing strategies.