Iraq’s oil production could more than double by the end of this decade.
That’s the prediction by the International Energy Agency (IEA) in its recent ‘World Energy Outlook’ report, which said the Middle East nation could produce more than six million barrels of oil per day (b/d) by 2020.
Its current oil production is around three million b/d and the figure could rise to more than 8 million b/d by 2035, which means Iraq could make by far the largest contribution to global oil supply growth in the next few decades.
Maria van der Hoeven, IEA’s Executive Director said: “This landmark study confirms the increasing importance of Iraq to the global energy system, highlighting the key role it is expected to play in meeting growing energy needs and the responsibilities it will assume as a strategic source of world oil supply.”
However, the report also suggests the rising energy demand is still a critical challenge as many parts of the nation still experience power cuts on a daily basis. But if its planned capacity is delivered on time, electricity generation could meet Iraq’s demand for power in 2015. It can then also provide a supply of gas to neighbouring countries, European markets and Asia.
The country is also expected to gain almost $5 trillion (£623.7 billion) from exporting oil up to 2035 as long as it invests more than $530 billion (£330.6 billion) on raising its energy output.