Expectations of a jump in the production of oil from Iraq

[Stillw8n]

Expectations of a jump in the production of oil from Iraq

Increased recently, Iraq’s oil production amid forecasts that the production levels of the Iraqi black gold, during the next few years, the output of Saudi Arabia, the largest exporter of oil within the “OPEC.”

The U.S. Energy Information Administration said that Iraq’s oil production last year jumped by 13 per cent, from 2.3 to 2.6 million barrels a day, note that the ceiling of production during the period that followed the U.S. invasion ranged at two million barrels per day.
The U.S. department that an increase in production occurred during the past few months, one of the reasons that led experts to predict the action by Saudi Arabia to reduce the Kingdom’s production of oil.

Economists expected a jump in production from Iraq in the coming years and that it has is coming from Saudi Arabia’s oil production, a move that could raise a number of questions including the impact on global oil prices, and how to divide the proceeds.

It is noteworthy that Iraq, which is preparing the remains of U.S. troops to leave the end of this year, has the fourth-largest oil reserves, estimated by the U.S. Energy Information Administration.

It is also one of the largest producers of oil and gas in the world, but that the sector suffered a long period spanning several decades, as a result of mismanagement and economic sanctions on the regime of the late President, Saddam Hussein, then the U.S. invasion of Iraq.

The Iraqi government has begun in recent years to large contracts to major oil companies in a bid to boost production.

In July last, received the Iraqi government billions of dollars in revenue from the sale of oil, which was
subject to the supervision of an international committee of the United Nations, in the wake of the U.S. invasion.

He announced the UN Security Council formally ended tasks “body control and international advice”, which was to be supervised on the “Development Fund for Iraq,” the private oil export revenues, in the June 30 last, and the transfer of those functions to the Iraqi government.

The Security Council passed a resolution establishing the Development Fund for Iraq in May / May 2003, a month after the U.S. invasion, so that the deposit of proceeds from the sale of oil in this fund, instead of the “oil for food” program, which allowed the regime of Saddam Hussein using some revenues for humanitarian purposes.

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