Can Iraq Really Replace Saudi Arabia As The Middle East’s Top Oil Producer?
The global power of most Middle Eastern countries remains dependent on their oil and/or gas output, so it is little wonder they try to maximise this, either by pushing production higher or by pretending it is higher, or by forecasting that it will be higher at some point soon. Iraq had historically fallen into the last of these categories -- having periodically promised large increases in oil…
Iraq's potential to replace Saudi Arabia as the Middle East's top oil producer hinges on three key factors. First, Iraq possesses ample oil reserves, with officially estimated 145 billion barrels and unofficially around 215 billion barrels of undiscovered resources. Second, there has been a recent shift in Iraq towards addressing corruption issues, which had previously deterred Western firms from operating in the country.
This shift has led to the return of key firms such as TotalEnergies, who have invested in a US$27-billion mega-project. Third, this project includes a significant increase in gas capture capabilities. Considering these factors, Iraq's target of producing between 8 million and 10 million barrels of oil per day within the next six years appears achievable, potentially surpassing Saudi Arabia's production levels.
Written by urgent.news from OilPrice's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
