Iraq Now 2nd Biggest OPEC Oil Producer, Bigger Budget In 2013

Iraq continues to grow its oil production at a good pace. Having recently breached the three million barrels of oil in a day mark, it is now averaging over a month 2.6m b/d, the most in three decades, according to Falah Alamri, the head of the State Oil Marketing Organisation.

With Iran’s oil production having stalled recently, potentially due to oil sanctions or lack of investment, Iraq has now overtaken it to become the second-largest oil exporter in the Organization of the Petroleum Exporting Countries, making $8bn per month in revenue from oil exports on an average price this year of more than $100 per barrel.

Iraq still has a long way to go to catch up with Saudi Arabia, which, as the OPEC country with the highest production, produces around 10m b/d. Saudi Arabia claims to have one fifth of the world’s oil reserves.

Hadi Abbas, secretary for the Parliamentary Finance Committee, said that they are expecting that higher oil revenues will lead to the Iraqi government approving a bigger budget for next year.

 

 

Sources: Reuters; Euphrates

 

Reuters

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One Response to Iraq Now 2nd Biggest OPEC Oil Producer, Bigger Budget In 2013

  1. Mesopotamian Soul September 11, 2012 at 10:41 pm #

    What a rich country, It also has the second largest reserves of phosphate and a vast amount of sulphur. Two main ingredients for fertilizer which will goes up in demand every year. As population rises, food production rises, and hence, more fertilizer is needed.
    Iraq can easily be richer and more advanced then all the gulf countries, bypassing UAE and Qatar by far. One thing that the gulf countries lack that Iraq doesn’t is BRAINS. If the future is bright, returning of 2million+ of diaspora to Iraq would make it the strongest country in the the middle east, Africa and many Asian countries. Many Iraqis outside of Iraq hold valuable positions in society which are much needed in their homeland.