By Al-Fassel | 2025-08-30

Oil has profoundly shaped Iraq’s economy and modern history. From its discovery to its role as a cornerstone of national development, oil has been the driving force behind Iraq’s transformation into an energy leader.

The Birth of Black Gold

“Oil is the treasure of this land, a gift that should serve the people and ensure their prosperity.” — King Faisal I of Iraq.

Oil was first discovered in Iraq in 1927 near the city of Kirkuk, marking a turning point in the country’s history.

The gushing well revealed the vast potential beneath Iraq’s soil, setting the stage for its emergence as a major oil producer.

This discovery was more than a geological milestone; it was the beginning of a new era that would define Iraq’s economy and global relevance.

By the mid-20th century, Iraq began expanding its exploration efforts, uncovering more reserves across the country. These discoveries solidified Iraq’s place on the global energy map, enabling the nation to use oil as a tool for economic growth.

Economic Boom

A defining moment in Iraq’s oil history came in 1972 when the government assumed ownership of the oil industry. This decision gave Iraq complete control over its resources, allowing the nation to reinvest oil revenues directly into its economy.

The move was celebrated as a victory, marking a bold step toward economic independence.

With newfound control, Iraq channeled oil profits into development projects. Infrastructure, education, and healthcare systems flourished, improving living standards and fueling progress.

The oil industry became the backbone of the nation’s economy, contributing significantly to its growth and modernization.

Oil’s Role in the Nation’s Development

Throughout the decades, oil has remained central to Iraq’s development. It has funded the construction of roads, schools, and hospitals while supporting vital public services.

The industry has also provided employment opportunities for thousands of Iraqis, shaping communities and fostering economic stability.

Iraq’s oil wealth has enabled the country to weather challenges. Even during periods of regional instability, the oil sector has been a source of revenue, helping to sustain the economy and support recovery efforts.

Looking Forward

Today, Iraq is one of the world’s leading oil producers, exporting millions of barrels daily. The industry continues to play a pivotal role in the country’s economy, driving growth and development.

Looking ahead, Iraq has the opportunity to use its oil wealth to build a stronger and more sustainable future.

By investing in infrastructure, diversifying its economy, and addressing environmental concerns, the nation can ensure long-term prosperity for its citizens.

Iraq’s oil history is a story of discovery, resilience, and transformation. This resource has not only fueled its economy but also defined its identity as a global energy leader.

As Iraq moves forward, oil remains a powerful tool for progress and an opportunity to create a brighter future for generations to come.