Iraq and the Future of World Oil

http://www.mepc.org/journal_vol7/chalabi.html

Iraq's dormant oil potential is so huge that once it is activated and released it could cause drastic changes in world oil and energy politics. Iraq's present recoverable reserves, amounting to 112 billion barrels (bbl), are more than enough to sustain production at Iraq's pre-U.N.-sanctions levels for over 100 years. But this is not all. A very in-depth study undertaken by the Centre for Global Energy Studies (CGES) tries to prove that reserves yet to be discovered exceed those known to be recoverable. Accordingly, a totally rehabilitated and sanctions-free Iraq could expand its production capacity way beyond 8 million barrels per day (mb/d), easily reaching 10 mb/d, and theoretically even 12 mb/d under certain conditions, when U.N. sanctions are lifted or Iraq is allowed to develop oil under Security Council resolution 1284. FULL STORY