Oil is The Future of Iraq

Iraq NewsNone of the person can deny the importance of cured oil for Iraq and its economy. Iraq economy is 90% depended on its crude oil that adds 70% in the total GDP of the country every year. Including the bureaucracy and weak infrastructure and many other problems, the Iraq seeks to increase the energy production continuously. Iraq has one of the largest oil fields in the world and ranked second for its oil reserves after Saudi Arabia.

The future of Iraq is no doubt depends on the production and export of crude oil in the international market. The Iraq made five years policy to enhance the production and export of the crude oil that worked so well and providing continuous positive results for country. The per day oil export of the country is more than 3 million barrels per day that Iraq want to enhance by 6 million barrels per day that is a so difficult task. According to five years economic policy, Iraq will achieve this target by the end of 2017. If Iraq could do this, it will be par with giant Saudi Arabia in the international oil market. To achieve this goal, Iraq will have produce oil double in the quantity.

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