Iraq reopens the Baiji refinery after being closed for more than 10 years. Baiji Refinery will provide millions of liters of petroleum products to the Iraqi market.
The refinery was closed in 2014 when it was seized by ISIS militants after they controlled large areas of the country. Iraq ranks fifth with a production of 4.27 million barrels per day, according to OPEC data, and it is the second largest producer in the organization after Saudi Arabia. With proven reserves of 145 billion barrels, Iraq has the ability to increase production further, but it is limited by infrastructure and export obstacles.