Should IQD be tradeable worldwide to meet their next hope for oil business as No.1

[Muhammad]

Iraq to be top oil producer in 6-7 years – minister

by Ed AttwoodThis email address is being protected from spam bots, you need Javascript enabled to view it on Sunday, 31 January 2010

Iraq will become the world’s largest oil-producing nation in "six or seven years", according to oil minister Hussain Al Shahristani.

The official told Reuters that Baghdad is seeking to raise capacity to 12 million barrels per day (bpd) in that timeframe, which he believes will help the country negotiate its future oil quotas with OPEC.

"We can't find a reason to prevent Iraqi production becoming higher than any other OPEC state or even states outside OPEC,” said Al Shahristani.

“We expect that to happen in the next six to seven years with co-ordination and agreement with other OPEC producers," he said.

Related: Iraq seen as key area for GCC investment in 2010

Story continues below ↓

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Iraq is currently exempt from OPEC quotas, although the country is raising its exports significantly, which the organisation believes could depress the oil price.

"Iraq has been deprived of having a fair export level over the last years, during which we were not able to produce or export oil while other states got benefit from this and were able to export at higher levels," Al Shahristani said.

"Opec should put into consideration Iraq's need for oil revenues to rebuild its economy and country. Iraq has a definite need for these revenues."

Local news agency Aswat Al Iraq said that oil revenues were up to $4.5bn in December.

Speaking at the World Economic Forum in Davos, supermajor BP’s chief executive, Tony Hayward, indicated that it was not impossible that Iraq could lift its production to 10 million bpd in a decade’s time.

However, Hayward told The Times newspaper that the realities of the challenges of execution on the ground and the need to build capability on the ground mean things will happen "a little slower than all of us are perhaps planning for today".

They've got to revalue or reinstate IQD first to become world's No. 1 and it must be done without further delay! It's highly possible that they might not lop IQD to help us strengthen our nation America once again!

[mac lightning]

Great post...thx for taking the time to post it!!!

[etool101]

The question is, does anyone actually think OPEC is going to let this happen?

[dhhigginbotham]

Great info, thanks for your research.

[steve14]

I hope so for all of us

[ishihara]

good article. Need rv or ri to become all they can be

[steve14]

thanks for the info

[tander3904]

great research...thks

[babylexi]

Thanks for the post. Good research for all of us!!

[kjurb]

good info !

[jetset]

I think they want it....why not be #1

[serpico007]

Thanks for the research.

[aceman]

thanks for the info

[Dodgeboy829]

I think the IQD should be tradeable

[mvp]

Muhammad - Where did this article come from? Just interested in what news media this came from and who Ed Attwood is....

[debranne]

good deal1

[LC460]

I hope for aRV or RI soon because some of us have been in this thing since 2005.

[toweyk]

posting now, this is fun

[mvp]

Thanks for all the lame posts - making me dig for a possible answer to my question!!!

[lrlamon]

i was wondering that a few months ago. Iraq will need to be producing more then the quotas placed by opec on the other countries to help build its economy. It will be interesting to see what OPEC lets iraq do.

[razorback4]

thanks for info

[karma]

good info thks for the hard work

[Bamadreamer]

Great post....agree RI or RV has to get done now

[Muhammad]

The link is here, everyone (google search for the underlined sentence of words in blue):

Iraq to be top oil producer in 6-7 years – minister‎ - 1 day ago

Iraq will become the world's largest oil-producing nation in "six or seven years", according to oil minister Hussain Al Shahristani. ...

ArabianBusiness.com

www.arabianbusiness.com/580353-iraq-to-be-top-oil-producer-in-6-7-years--minister