The Realty of Iraqi Oil Sector and the Future Options
13 Pages Posted: 10 Aug 2011
Date Written: August 9, 2011
Iraq has large wealth of crude oil, and natural gas, which can provide high level of welfare if it exploited in optimal ways, but this wealth has not used according to this standard since the discovery and extraction of oil in the early twentieth century for many reasons, that stand in the forefront of international and domestic factors, which the international oil cartel have dominated that wealth until the seventies of the last century, after the control of the state, and the devastating wars exhausted that wealth resources.
Iraq at this stage, standing in front of several options for how to exploit this wealth in order to achieve well-being of society, particularly many international data, which indicated that Iraq has proven and probable oil reserves at about 505 b.b. that could make it on the top of oil countries in the world, while international oil demand is increasing every year, that next to the decreasing and depletion of oil reserves for many countries.
Keywords: Iraq-crude oil
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