IEA: Iraq Poised to Become Major World Oil Supplier
By Tennille Tracy
WASHINGTON—Iraq is poised to become one of the most important suppliers of oil to the world, laying claim to vast pools of untapped resources that are far cheaper to produce than many other sources of oil, the International Energy Agency’s chief economist said Monday.
Iraq’s oil could be stuck in the ground, however, if its leaders fail to enact a legal framework by which oil resources are governed or if the country is unable to build pipelines, export terminals and other pieces of vital equipment that make oil production possible.
“I think there is no need to elaborate on the crucial importance of the country for the global oil markets,” IEA chief economist Fatih Birol said at a briefing Monday.
With Iraq’s oil production at about 3 million barrels a day, an IEA report earlier this month said production levels could more than double by 2020 and reach 8.3 million barrels by 2035.
