read from: http://dinarprofits.com/iraqi_dinar_information/iraq_largest_oil_producer/ other article: http://www.time.com/time/world/article/0,8599,1993625,00.html Iraq has a huge ambition: to overtake Saudi Arabia as the world's largest petroleum producer. Iraq must increase their current production of 2.4 million barrels per day to more than 12.5 million to reach their goal. To become the world's largest producer of oil, Iraq is looking to attract billions of dollars in investment from foreign oil companies. To promote Iraq's quest, the U.S. planned a field trip to the oil fields of Iraq for British Petroleum, Shell, Italy's Eni and representatives of the British, Japanese, Italian and Dutch governments. Iraq has the potential to become the largest producer of oil as they sit on one of the largest oil reserves in the world, most of which are untapped. As the U.S. continues to pull back its troops, it is ensuring that Iraq's main export continues its growth to sustain the country. While other exports are important, none has the potential to finance Iraq's reconstruction like oil. U.S. Ambassador to Iraq Christopher Hill noted, "if you do the math, you can see [oil] is a complete game changer for Iraq in terms of its national income." Iraq has already signed 11 foreign oil contracts to companies that include BP, Shell, Eni, Exxon Mobil, Chinese National Petroleum Corp., and Russia's Gazprom since November 2009. In September 2010, Iraq plans to auction off three more natural gas fields to the highest bidder. Much progress has been made to rebuild Iraq's economy, but there is still a lot of work to be done to ensure safety and to provide the necessary infrastructure for Iraq to become the world's largest oil producer. However, as evidenced by the foreign oil contracts, leading oil companies and countries are making huge investments into Iraq, displaying their confidence in the future of Iraq and its economy. To read more, see this article Time article got broken. Here's the link