Iraq’s Oil Export to Increase, among All Members of OPEC

Iraq, February 24, 2013

Starting from this year, Iraq’s annual oil export is anticipated to increase gradually. This trend will continue until 2017. By that time (2017), the oil export volume of Iraq will be around $150 billion. It is to be noted that other countries, participating as the member of Organization of Petroleum Exporting Countries (OPEC), are expected to experience fall in oil export in coming 5 years. It is only Iraq, who will experience the positive growth in this context. The whole thing has been forecasted by International Monetary Fund (IMF).


Saudi Arabia Will Continue to Be at the Top


Total oil export volume of Iraq has been anticipated to rise by $102.63 billion this year to $149.74 billion by 2017. On the other hand, the total oil export volume of OPEC, including all its member countries, is anticipated to climb a massive figure of $1.27 trillion to $1.15 trillion during this period.


Although, except Iraq no other OPEC member countries are expected to show any positive growth in oil export, Saudi Arabia is predicted to clinch the top spot again as the global oil exporter. However, the country will experience a decrease from $334.16 billion to 296.44 billion in their oil export. Presently, Iraq ranks 6th, in the list of the oil exporters of OPEC! Iraq is expected to become the second largest oil exporter by the year of 2017, overtaking United Arab Emirates, Kuwait, Nigeria and Qatar.

According to International Energy Agency’s World Energy Outlook 2012, Iraq will be the second largest global exporter by the year of 2030, surpassing Russia. By the year of 2035, the country will occupy 45% growth of the total growth in global production.


http://www.iraqdailyjournal.com/story-z7152529