by Marita Noon
While we weren’t paying attention, post-war Iraq grew into a major force in the global oil market. Reaching a 30-year high, its production and exports have climbed steadily since 2011—making Iraq the second largest producer in OPEC, the seventh globally. The International Energy Agency (EIA) has forecast that Iraq has the fifth-largest proven oil reserves.
Just one year ago, Iraq was celebrating its increased production. At a ceremony in Baghdad, Thamir Gladhban, Chairman of the Prime Minister’s Advisory Commission on Energy, touted expected production of 4.5 million barrels per day by the end of 2014. [Read more…]