Iraq is on track to produce nearly six million barrels of crude per day by 2030, according to an April report by the International Energy Agency, which would make it the third biggest oil supplier Iraq also operates the Majnoon field, located in southern Iraq. This field is claimed to be among the richest oil fields in the world, with oil reserves of 23 to 25 billion barrels and proven reserves of 12.8 billion barrels of oil. Iraq operates the world’s third-largest producing field, Rumaila . Kuwait Iraq Crude Oil Production - values, historical data and charts - was last updated on March of 2020. Crude Oil Production in Iraq averaged 2178.56 BBL/D/1K from 1973 until 2020, reaching an all time high of 4830 BBL/D/1K in December of 2016 and a record low of 0 BBL/D/1K in February of 1991. The total value of Iraq potential oil reserves at an average profit of $75 per barrel over next 100 years is 360 billion x $75 = $27 trillion or $900,000 per capita, making every Iraqi a millionaire. These calculations do not include natural gas revenue, lately about equal to oil revenue. A string of downgrades to Iraqi Kurdistan's oil reserves is a fresh blow to the autonomous region's fledgling oil industry already crippled by conflict, political strife and low crude prices. Crude oil is a fossil fuel derived from marine plants and animals that died millions of years ago, before the dinosaurs. In its liquid form, crude oil can be found underground in reservoirs, sedimentary rocks, and tar sands. Crude oil has been used to produce petroleum products such as gasoline, waxes, and plastics. Crude oil - proved reserves is the stock of proved reserves of crude oil, in barrels (bbl). Proved reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with a high degree of confidence to be commercially recoverable from a given date forward, from known reservoirs and under current economic conditions.
6 Sep 2019 Iraq is home to 12% of the world's proven oil reserves, and has seen significant crude output improvement since driving out the Islamic State in 22 May 2019 The 15 countries with the largest proven oil reserves span five Crude petroleum accounted for 95% of Iraq's $60.8 billion in exports in 2017. Chart and table showing yearly reserves of crude oil by country (Iraq). Data obtained from the US Energy Information Administration. 11 Jan 2019 Crude oil production in Iraq averaged 4.5 million barrels per day (b/d) Arabia, and holds the world's fifth-largest proved crude oil reserves.
The country of 38 million is OPEC's second-largest oil producer. Iraq is home to 12% of the world's proven oil reserves, and has seen significant crude output improvement since driving out the
1 Dec 2019 Both the U.S. and China are vying for influence in Iraq, and most importantly, that comprises at least 43 billion barrels of crude oil reserves.
Iraq attained its independence as a Kingdom in 1932. In 1958, a military coup d’état ended the monarchy, making Iraq a republic. Apart from petroleum, Iraq’s other natural resources include natural gas, phosphates and sulphur. Its national currency is the dinar. The country has a varied landscape, which includes areas of desert, mountains and fertile regions. Iraq is the second–largest crude oil producer in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia, and it holds the world’s fifth–largest proved crude oil reserves. [1] Most of Iraq’s major known fields–all of which are located onshore–are producing or are in development. With 261 bbl of reserves, Saudi Arabia’s quota stands at 8 million barrels per day (mbd). Kuwait and the United Arab Emirates each have about 95 bbl of proven reserves and their production quota is therefore only 2 mbd. Many analysts believe that with a stable political situation, heavy investment, According to the Oil and Gas Journal, Iraq's proven oil reserves are 115 billion barrels, although these statistics have not been revised since 2001 and are largely based on 2-D seismic data from nearly three decades ago. With 300,878 million barrels of proven reserves, Venezuela has the largest amount of proven oil reserves in the world. The country's oil is a relatively new discovery. Previously, Saudi Arabia had always held the number one position. Iraq holds 143,069,000,000 barrels of proven oil reserves as of 2016, ranking 5th in the world and accounting for about 8.7% of the world's total oil reserves of 1,650,585,140,000 barrels. Iraq has proven reserves equivalent to 457.4 times its annual consumption . Oil reserves in Iraq are considered the world’s fifth-largest proven oil reserves, with 140 billion barrels. The sources for this oil is primarily located in the Shiite Muslims-majority and Arab Sunni Muslims-dominated areas on the other hand are comparatively lacking.