Source: US Energy Information Administration According to Bloomberg, Iraq plans on boosting its crude oil exports by 26% in June 2015 to 3.75 million barrels a day of oil, equivalent to a 800,000 bo/d increase in the global market's supply. This doesn't necessarily mean that Iraq will meet its guidance, as it generally exports slightly below its "planned crude exports", but this signals that Iraq's oil production growth isn't grinding to a halt even as it's engulfed in a civil war with ISIS. However, Iraq's oil export capacity is capped at 3.1 million bo/d according to an Iraqi government official, so it remains to be seen just where its crude exports will end up due to the strain additional crude exports would put on its infrastructure. On June 5, OPEC is likely to keep its oil production cap of 30 million bo/d intact even as its members produce slightly over that. Iraq's oil production is expected to rise from 3.75 million bo/d in December 2014 to 6.1 million bo/d in 2020 and 8.3 million bo/d by 2035, according to the base scenario laid out by the International Energy Agency. This is lower than what Iraq's government is forecasting its production growth will be, but it's more realistic. A large part of this growth will come from Iraq's southern oilfields in an area that ISIS hasn't management to really interfere with yet, and from the Kurdistan region in the north, which has been severely impacted by ISIS. Recently, the Iraqi government agreed to allow Kurdistan to export oil independently, while still having to give a large chunk of the revenue to the federal government. This will promote investment in Kurdistan's immense oil reserves and will help build Iraq into an oil exporting giant like Saudi Arabia. However, the security situation remains a major problem. So far, Kurdistan has been able to hold its own and operators in the region like Marathon Oil Corporation (NYSE:MRO) remain somewhat confident they will be able to continue with their expansion plans, albeit under the assumption that ISIS is eventually defeated. In the south, oil majors like BP (NYSE:BP) are ramping up production at Iraq's super-fields, like the Rumalia oilfield [also being developed by China's CNPC with BP], which could end up producing at least another 20 billion barrels of oil. This impending surge of supply will keep prices [probably no more $147 a barrel WTI] in check, relatively speaking, on a longer term basis, but it's worth noting that declines at mature oilfields all around the world will curtail supply growth. We will have to see. To read more about the energy sector, check out my other articles here. Disclosure: Callum Turcan, the author, does not own any of the companies mentioned above. Always do your own due diligence before investing.