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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