Iraq produced 3.2 million barrels per day (mmbpd) in June 2013, according to the recent OPEC report. As Iraq has not been allotted any fixed quota in OPEC production, Iraq continues on its own course of action to develop numerous new oil fields to threaten the control OPEC has over the world supply of oil.
Figure 1: OPEC Production of Oil in June 2013 (000 bbls)
Iraq has the fifth largest crude oil proven reserves in the world at 141 billion barrels (bbls) as of January 1, 2013. This means that if Iraq is able to overcome its geopolitical issues and civil unrest,...


