• 2 hours Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 6 hours Russia, Saudis Team Up To Boost Fracking Tech
  • 12 hours Conflicting News Spurs Doubt On Aramco IPO
  • 14 hours Exxon Starts Production At New Refinery In Texas
  • 15 hours Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 1 day Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 1 day Oil Gains Spur Growth In Canada’s Oil Cities
  • 1 day China To Take 5% Of Rosneft’s Output In New Deal
  • 1 day UAE Oil Giant Seeks Partnership For Possible IPO
  • 1 day Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 1 day VW Fails To Secure Critical Commodity For EVs
  • 2 days Enbridge Pipeline Expansion Finally Approved
  • 2 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 2 days OPEC Oil Deal Compliance Falls To 86%
  • 2 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 2 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 2 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 2 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 3 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 3 days Aramco Says No Plans To Shelve IPO
  • 5 days Trump Passes Iran Nuclear Deal Back to Congress
  • 5 days Texas Shutters More Coal-Fired Plants
  • 5 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 6 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 6 days Chevron Quits Australian Deepwater Oil Exploration
  • 6 days Europe Braces For End Of Iran Nuclear Deal
  • 6 days Renewable Energy Startup Powering Native American Protest Camp
  • 6 days Husky Energy Set To Restart Pipeline
  • 6 days Russia, Morocco Sign String Of Energy And Military Deals
  • 6 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 6 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 6 days India Needs Help To Boost Oil Production
  • 7 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 7 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 7 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 7 days District Judge Rules Dakota Access Can Continue Operating
  • 7 days Surprise Oil Inventory Build Shocks Markets
  • 7 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 7 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 8 days Chinese Teapots Create $5B JV To Compete With State Firms
Big Oil Refuses To Give Up On The Barents Sea

Big Oil Refuses To Give Up On The Barents Sea

Despite failures in the Barents…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Iraq Could Become the Second Largest Oil Producer in the World by 2035

The International Energy Agency (IEA) has completed a major new study which has deducted that within two decades Iraq could overtake Russia to become the world’s second largest oil exporter, and could also be responsible for nearly half of all anticipated growth in global oil production.

The report explained that in order to achieve this position Iraq must solve its internal disputes with the autonomous Kurdish region in the North, and increase its current annual investment in the oil sector from $9 billion to 25 billion until at least 2020.

Fatih Birol, the IEA’s chief economist, explained that “developments in Iraq's energy sector are critical for the country's prospects and also for the health of the global economy. But success is not assured, and failure to achieve the anticipated increase in Iraq's oil supply would put global oil markets on course for troubled waters.”

Related Articles: Iraq's Oil Exports Hide Broader Problems

This year, for the first time in 30 years, Iraq’s oil production exceeded 3 million barrels a day, overtaking Iran to become the second largest producer in the OPEC group. The study says that Iraq’s output can reach 6.1 million barrels a day by 2020, and 8.3 million barrels a day by 2035; with nearly 80% going to China.

It says that “Iraq stands to gain almost $5tn (£3tn) in revenues from oil export over the period to 2035, an annual average of $200bn and an opportunity to transform the country's future prospects. Achieving the required level of oil production and export will require rapid, co-ordinated progress all along the energy supply chain.”

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage

Leave a comment
  • Philip on October 10 2012 said:
    First of all; Deducted; as in subtracted from
    or deduced; as in drawn conclusion from?

    secondly; Iraq is increasingly under Iranian control. If you combine Iranian production with Iraqi production what do you get; an almost equivalent production/reserve capacity to Saudi?

    What if Iran, Russia and China work in cahoots? Iran/Iraq supplies China, India, Japan and others in AP area. While Russia supplies from the north. As Saudi declines so Iran/Iraq is on the rise.

    Given that Syria is entering a quagmire of unimaginable proportions once Assad leaves, and the West seems determined to try to foment regime change in Iran through sanctions and airstrikes, regime change that could create chaos in OPEC, what happens to Iraq in that scenario?

    If there is a strike or an air campaign against Iran, Russia will seize upon any pretext to go to Armenia's assistance when Iranian supplied power fails, incl. going through Georgia and cutting/taking control of the Baku-Turkey oil/gas pipelines. Apparently they have the army in place to do this in Dagestan.

    The kind of chaos that an aircampaign against Iran could induce in ME oil supplies if Jerusalem and Washington went down that road could be economically unthinkable.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News