Thursday, January 14, 2010
Iraqi oil may rival Saudi Arabia
Iraq sits on at least 115 billion barrels of proven oil reserves (not including what may be in unexplored desert areas), and is the world's third-largest behind Saudi Arabia and Canada. Today, Iraq produces about 2.4 million barrels a day. By 2017 Iraq is aiming to produce 11.65 million barrels a day. There are major obstacles to overcome that stem from decades of mismanagement, sanctions, and war. This article delves deeper into the current and future challenges Iraq faces in the oil industry.
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5 comments:
In my opinion, the people in charge of the oil prices, OPEC will not allow Iraq's oil to be produced like this and lower the prices of oil around the world. I believe the war in Iraq is partly happening to try and disrupt this from happening and do not believe that it will happen anytime soon.
I'm hoping that by 2017 our government is no longer exerting our power upon the Middle East because by that time we've discovered alternative energy sources (nuclear, wind, solar, coal, hydro, ANWR) to make it a non-issue. I'd rather displace a few thousand caribou and lose $200 billion from our economy in the transition than lose more troops and prestige abroad.
Iraq is our (USA) base in the Middle East. Oil is our intrest in the Middle East as it should be. Their economy depends on the success of these new projects and developments. A good extract is, "Iraq's Ministry of Oil appears to not have considered how the world market can absorb this extra capacity and the impact it could have on prices in the coming decade" Fadhil Chalabi. The world's demand is growing and this new influx of oil will indeed throw off prices and the power of other oil producing countries.
No, because demand is increasing much more substantially than any supply can - even with this new speculation, oil production will still peak before we're all forty. Drilling our way out of high gas prices won't work. We need alternatives, and we need to stop spending thousands of lives and billions of dollars trying to maintain a status quo that cannot be maintained.
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