Iraq Oil Policy Needs Radical Change

A former Iraqi oil minister says the country needs a “radical revision” of its current oil policy in order to adapt to the new changes in the world.

Speaking to AKnews, Ibrahim Bahr al-Ulum said, “Despite efforts by the oil ministry to raise the level of oil production, Iraq still lags behind other oil-producing nations.”

The oil ministry has signed contracts in recent years with a number of international firms in the hopes of increasing oil production to fund reconstruction projects across the country.

Iraqi authorities say they want to raise the country’s oil production level to 12 million barrels a day in six years.

But despite billions of dollars spent in the country’s oil sector, Iraq’s oil production has in the recent years gone above and below the pre-war production levels.

“We hope in the future, crucial and transparent changes will be made in the oil sector especially in terms of oil production and exporting,” said Bahr al-Ulum, who served in the post-war interim government in 2004 and 2005.

(Source: AKnews)

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