By the end of next year, Iraq will ramp up its oil production at a rate around 4.5 million barrels per day. Presently the country is going with a rate of 3.5 million barrels per day and the country has an aim to touch a mammoth figure of 9 million barrels per day by the end of 2020.
It has to be noted that Iraq is highly lenient over its revenues that have been derived through oil export. Hence, the oil output increment is an important thing for the country for regulating the country and providing the war-torn nation a better shape for the future.
Recent Gains by the Nation
Iraq has struggled for a long time due to many security issues and due to war situations. 3 back to back war have almost ceased the complete development in the nation. After the US force has been withdrawn from Iraq, the country is progressing with new hopes. Since 2008, it awarded more than a dozen deals to international energy companies such as Exxon Mobil, BP and Total. Production and exports have since sharply increased. More and more projects are coming up in nation and the oil infrastructure is taking a sharp growth.
Clouds of Tension Still Remains
Though, government has taken so many initiatives to rejuvenate the country and to make a massive increment in the oil production, security threats still clouding around within the nation. Recently, the country has experienced some attacks over the pipelines, which hampered the oil production. On the other hand, dispute between Kurdistan and Baghdad is also making the country to suffer, regarding its economy. Still no settlement theories have been discovered to wipe out the disputes between the two authorities.