The IEA expects Iraq to double its oil production by 2020. The experts anticipate a production increase up to 6.1 billion barrels a day. The production of crude oil in Iraq has been growing since 2010 when Baghdad signed contract with ExxonMobil, BP Plc, ENI and Royal Dutch Shell.
For reference sake, over the first 30 years of oil production, Iraq managed to improve its standing in the OPEC up to the 2nd place, thereby yielding only to Saudi Arabia.
These days, Iraq is the world’s number 4 in terms of crude oil deposits. Theoretically, the country may reach the goal. However, there are some obstacles, including undeveloped infrastructure and bureaucracy.
The chart below, courtesy of , reflects the current state of affairs in the market of WTI oil:
