Iraq is on the verge of an unexpected increase in oil production up 7 million barrels
"that Iraq will continue to rank second strongest after Saudi Arabia in oil production and export internationally and will have led OPEC instead of being a member." (snippet - See Below)
Tlar: Projection: 7 million bpd by 2017. That's approximately 5 years from now. Revenues will be in the 205 ish billion per year which roughly corresponds to the projected budget in the next few years. All of this is dependant on stability in the oil markets.
If the price varries up or down so goith the revenues. There is approximately 30 million people in Iraq. $200 billion divided by 30 million is about 7000 dollars annually for every man woman or child. That's an incredible amount of income for Middle Eastern country.
In 2020 they are expected to hit 12 million bpd. That's approximately a litle under 400 billion in revenue and will insure them at least the number 2 position in producing nations. .
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TLAR CONTINUES: That's approximately $14000 for every man woman and child. We are going to have to print alot more US currency because the Iraq's, all of them, are going to need a lot more spending money with incomes like that.
Maybe by 2020 they might actually decide to have their own currency instead. It better be valuable or they will have to print alot of it.
There isn't enough paper to use to print at 1166 per US dollar. If they don't raise the value of their currency I would like to make a prediction. The hottest selling item in Iraq will be the wheel barrel.
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Published in: 11:11, November 25, 2012 by hussein Views: 26 Share on facebookShare on twitterShare on emailShare on printMore Sharing Services BAGHDAD (Iba) ..
expect a researcher at the Iraqi Institute for Energy Hamid Bahili, to be 2017, the year the 7 million barrels of oil in Iraq, saying: that the southern fields despite the withdrawal of most of the companies involved, but it will continue to work with other companies and will raise its production capacity.
Said Baahili told the independent press (Iba): that Iraq's production of oil reached to two million, six hundred are likely to arrive in 2017 to seven million barrels a result of exploring new fields in the provinces of Maysan, Dhi Qar and develop most of the oil fields of old by international companies certified as a field crazy and Rumaila and West Qurna and Badra, stressing: that the withdrawal of most of the companies working in the fields in the south does not affect the production as a result of the completion of the work by other foreign companies.
And stressed: that Iraq will continue to rank second strongest after Saudi Arabia in oil production and export internationally and will have led OPEC instead of being a member.
And point to: that increased oil production without ages infrastructures poses a large likelihood of a large explosion in the oil pipelines as a result of foot pipes and lack of attention to government by, calling: to develop all oil pipelines to accommodate the increase in all fields in the south. (End)