• 4 minutes Some Good News on Climate Change Maybe
  • 7 minutes Cuba Charges U.S. Moving Special Forces, Preparing Venezuelan Intervention
  • 12 minutes Washington Eyes Crackdown On OPEC
  • 15 minutes Solar and Wind Will Not "Save" the Climate
  • 4 hours is climate change a hoax? $2 Trillion/year worth of programs intended to be handed out by politicians and bureaucrats?
  • 1 hour L.A. Mayor Ditches Gas Plant Plans
  • 1 hour students walk out of school in protest of climate change
  • 18 hours Most Wanted Man In Latin America For AP Agency: Maduro Reveals Secret Meetings With US Envoy
  • 13 mins Prospective Cause of Little Ice Age
  • 19 hours And for the final post in this series of 3: we’ll have a look at the Decline Rates in the Permian
  • 35 mins *Happy Dance* ... U.S. Shale Oil Slowdown
  • 5 hours Ford In Big Trouble: Three Recalls In North America
  • 1 day Amazon’s Exit Could Scare Off Tech Companies From New York
  • 1 day And the War on LNG is Now On
  • 2 hours Is the Green race a race from energy dependence.
  • 6 hours Why Is Japan Not a Leader in Renewables?
Saudi Aramco Makes Existential Bet On Oil

Saudi Aramco Makes Existential Bet On Oil

Saudi Aramco has doubled down…

A Big Week For Oil Bulls

A Big Week For Oil Bulls

It’s been a great week…

Iraq Unveils Plan To Diversify Away From Oil

Oil terminal Iraq

Iraqi Prime Minister Haider Al Abadi on Sunday unveiled an ambitious plan to end its dependence on oil through building up its private sector over the course of just five years.

The plans are reminiscent of Iraq’s earlier plans to shift away from oil and towards the industrial sector, which were discussed in mid-2013. At the time, the plan faced many headwinds, including political discord and disruptive sectarian violence.

“The government made a decision to focus on other sources in the country instead of oil, so the new plan will basically focus on industry instead of oil,” said Hussain al-Shahristani deputy prime minister for energy affairs, said at the time.

Today, 90 percent of Iraq’s total revenue comes from the oil sector.

This time around, the plan is to shift away from oil and toward agriculture—a move that if successful, would insulate Iraq from significant swings in oil prices, not to mention lessen the burden of its tether to OPEC’s oil production cuts.

At the same time, Iraq approved over the weekend an increase to its oil production capacity by as much as 1.5 million barrels per day, despite its duty to OPEC to curb production to 4.35 million bpd. The plans to increase Iraq’s oil production capacity comes just days after Oil Minister Jabbar al-Luiebi recently told media that Iraq’s proven crude oil reserves could be much higher than previously estimated.

If the higher estimate proves true, it would make Iraq the largest oil-rich country in the world, ahead of Venezuela, which claims its reserves are just above 300 billion barrels, and also ahead of Saudi Arabia, with 260.8 billion barrels.

Al-Luaibi’s remarks on the reserve estimates come amid preparations for the next oil tender in the country, which is to take place this week and offer 11 exploration blocks to foreign companies.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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