IRAQ: FIFTH LARGEST
Country Analysis Brief Overview
Iraq has the fifth largest proven crude oil reserves in the world, and it passed Iran as the second largest producer of crude oil in OPEC at the end of 2012.
Despite having large proven oil reserves, increases in oil production have fallen behind ambitious targets because of infrastructure constraints and political disputes.
Iraq was the sixth largest net exporter of petroleum liquids in the world in 2012, with the majority of its oil exports going to the United States and to refineries in Asia.
The majority of Iraqi natural gas production is flared and Iraq was the fourth largest natural gas flaring country in the world in 2010. Iraq is taking steps to reduce flaring and to use its natural gas resources in power generation and for re-injection to increase oil recovery.
After years of power shortages, Iraqi efforts to increase generating capacity are moving forward. Iraq plans to triple generating capacity to 27 gigawatts by the end of 2015.
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WNN - Asia needs nuclear energy to meet its economic, energy and environmental goals, but such plans are still in the development phase in the South East region of the continent, Agneta Rising, director general of World Nuclear Association, said.
NPD - Preliminary production figures for February 2018 show an average daily production of 1 944 000 barrels of oil, NGL and condensate, which is a decrease of 83 000 barrels per day compared to January.
AOG - China National Petroleum Corporation (CNPC), the world’s third largest oil company, has been awarded stakes in two of Abu Dhabi’s offshore concession areas following the signing of agreements with Abu Dhabi National Oil Company (ADNOC).
REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.69 a barrel at 0744 GMT, up 15 cents, or 0.2 percent, from their previous close. Brent crude futures LCOc1 were at $67.56 per barrel, up 14 cents, or 0.2 percent.