Could Iraq take over and become the world’s top oil producer? With these new plans, Iraq is on track to eventually take over the top spot in the oil business.
At over 9 million barrels per day, Saudi Arabia is producing more oil than many countries could ever touch. Iraqi Minister of Petroleum Hussein al-Shahristani says that Iraq plans to increase its crude production from the present level of 2.4 million b/d to 6 million b/d, within the next five to six years. That’s over a 100% increase in a very short time.
Iraq plans to announce soon the selection of two foreign oil companies to develop six giant oil fields, with a production capacity of 1.5 million b/d.
A second set of licenses will be issued to oil companies to develop 10 additional oil fields, with a production capacity of 2 million b/d.
There remain 50 oil fields, which would need to be developed in order to make Iraq a leading producer of oil and gas in the world.