Iraq’s Position as a Major Oil Producer

In a recent report published by Standard Chartered Bank, researchers state that Iraq has the potential to be the world’s largest crude exporter.

According to 2012 estimates by the International Energy Agency, “Iraq could potentially generate approximately $5 trillion in oil revenue, or about 40 times the country’s 2010 GDP.”

Newly constructed oil fields and the ease of access to massive oil reserves have helped Iraq increase oil production in recent years. The continuation of infrastructure improvements will only further advance Iraq’s oil output capabilities. "One advantage Iraq’s oil fields have over the rest of the world is its geology, which makes drilling less complicated and expensive” than other countries, according to the report.

Read the story at International Business Times.