Future oil prices may be determined not by swing producers in US but by Iraq
Find out how future oil prices will be determined not so much by US production but by Iraqi output. 8If the impetus is right, Iraq's oil production more than doubles to 6.1 mb/d by 2020 and reaches 8.3 mb/d in 2035. 8The largest increase in production can come from the super-giant fields in the south of Iraq, around Basrah. 8The increase in Iraqi oil production of more than 5 mb/d over the period to 2035 makes Iraq by far the largest contributor to global supply growth (accounting for 45% of the anticipated growth in global output), overtaking Russia in the 2030s to become the world's second largest oil exporter. 8The growth of Iraq's production means that it becomes a key supplier to fast growing Asian markets, mainly China. 8Iraq stands to gain almost $5 trillion in revenues from oil export over the period to 2035 if the situation on the ground remains peaceful. Click on Report for more.