Iraq Makes The Move To Overtake All Other Oil Producers In World

As reported by Oilprice.com, the Iraqi government's Oil and Gas Committee plans to expand the country's oil output to more than five million barrels per day (bpd), however, Iraq has the ability to increase oil production to 13 million barrels per day (bpd).

As per the committee meeting minutes released last week, Iraq's parliamentary committee on oil and gas intends to increase the country's oil production to more than five million bpd.

Iraq can easily achieve this and, if managed properly, serve as a springboard for the next increase in oil production to 13 million barrels per day (bpd), as outlined in a new book on the new global oil regime.

This move would make Iraq the world's largest oil producer.

Overall, Iraq is the largest largely undeveloped oil region in the world. Officially, the Energy Information Administration (EIA) estimates that there are proven crude oil reserves of 145 billion barrels (nearly 18 percent of the Middle East's total reserves and the sixth largest in the world).

Unofficially, it is quite possible that it contains more oil.

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