Newly appointed oil chief Thamir Ghadhban says Iraq will hit 5mn b/d output capacity by end-2019. Whilst the gains are feasible, especially with Kirkuk nearing 400,000 b/d, export and refining constraints remain the real story.

Having finally been appointed in October after a six-month political standoff, Iraq’s new Oil Minister Thamir Ghadhban spoke extensively to reporters for the first time in his current role this week at the Opec meeting in Vienna. Most notably, Mr Ghadhban...