Iraq set to be major player in oil market
July 21, 2011
Trade Arabia reported that Iraq will be the key player in international oil politics over the next two decades.
Mr Hussein Al Shahristani deputy PM of Iraq said that "If we continue along the path we are on, Iraq will over the next two decades be the country that sets oil policy in the world in terms of price, supply and demand."
In 2009, Iraq signed 11 contracts with foreign energy companies to exploit its vast oil reserves and dramatically ramp up crude output to as much as 12 million barrels a day by 2017 from around 2.7 million barrels per day currently.
Iraq's projections are at odds with those set out by the International Monetary Fund which expressed doubt in March over the country's ability to meet its long term targets for oil output and said output could rise to more than 5 million barrels per day by 2017 rather than the 12 million Baghdad estimates.
The IMF cited the need for huge investments in port facilities, pipelines, and desalination plants for water to be injected into oilfields and storage facilities. Crude exports account for around 90% of Iraq's government revenues.
July 21, 2011
Trade Arabia reported that Iraq will be the key player in international oil politics over the next two decades.
Mr Hussein Al Shahristani deputy PM of Iraq said that "If we continue along the path we are on, Iraq will over the next two decades be the country that sets oil policy in the world in terms of price, supply and demand."
In 2009, Iraq signed 11 contracts with foreign energy companies to exploit its vast oil reserves and dramatically ramp up crude output to as much as 12 million barrels a day by 2017 from around 2.7 million barrels per day currently.
Iraq's projections are at odds with those set out by the International Monetary Fund which expressed doubt in March over the country's ability to meet its long term targets for oil output and said output could rise to more than 5 million barrels per day by 2017 rather than the 12 million Baghdad estimates.
The IMF cited the need for huge investments in port facilities, pipelines, and desalination plants for water to be injected into oilfields and storage facilities. Crude exports account for around 90% of Iraq's government revenues.
