Michael Cohen, head of energy market research at Barclays Bank, says that after the emergence of Qatar from the Organization of Oil Exporting Countries (OPEC), Iraq will be the second country to emerge from this organization.
According to Cohen, between the OPEC member countries, during the last eight to six months, Iraq is the only country that stands apart from the other. Iraq is standing apart from the line due to its target, if OPEC pressures him to cut oil production on him, Baghdad will understand his well-being in leaving the organization.
Iraq is the largest producer of oil after Saudi Arabia in 15 member countries of OPEC. More than 90 percent of Iraq’s revenues are recovered from oil exports.
Iraq produced 47 million 60 thousand barrels of oil per day in October and it is continuously increasing it.
Indicating Saudi oil minister Khalid al-Falih’s visit to Baghdad last days, Cohen said, “Certainly it is difficult to deploy Iraq on its terms.
Iraq’s new oil minister had said in October, “We will give priority to more oil exports in the wake of the needs of 35 million people of our country.”
In the next seven years, Iraq’s national Basra oil refinery has targeted to increase production of 32 million barrels of oil every day to 5 million barrels.
According to Iraqi officials estimates, after the success of the war against terrorism, there is a need of $ 100 billion for the country’s reconstruction.