According to an article from The Economist, Iraq has plans to quadruple its oil production by the next seven years. This would increase the production from the current 2.5 million barrels per day to 12 million barrels.
This would bring Iraq as the world’s first oil producer, putting Saudi Arabia in the second place. The country is willing to benefit more from its ample oil reserves (one of the world’s largest).
Besides the obvious technical difficulties, the problems on the geopolitical scale will be important. For more, please refer to the full article.
