IEA says Iraq will become second-largest global oil exporter in long-term perspective

Azerbaijan, Baku, Nov. 13 / Trend A.Badalova / Iraq will become a key supplier to fast-growing Asian markets, mainly China, and the second-largest global exporter by the 2030, overtaking Russia, the International Energy Agency (IEA) said in its World Energy Outlook. According to the IEA projections, oil output in Iraq will exceed 6 million barrels per day (bpd) in 2020 and will increase to more than 8 million bpd in 2035. "Iraq stands to gain almost 5 trillion dollars in revenue from oil exports over the period to 2035, an annual average of 200 billion dollars, and an opportunity to transform the country's prospects," IEA's report said. Iraq increased its oil exports to 2.600 million barrels per day in September 2012. According to BP, Iraq's proven oil reserves as of early 2012 amounted to 143.1 billion barrels. Oil production in Iraq amounted to 2.798 million barrels per day in 2011. The country ranks third in OPEC after Saudi Arabia and Iran. The major oil fields of Iraq are Rumaila, Zubair, Nahr Umr, Majnoon and West Qurna in the south of the country. Some 80 per cent of the oil produced in Iraq is exported. Do you have any feedback? Contact our journalist at agency@trend.az