Oil Expansion in Iraq Threatens World Demand-Supply BalanceHira Shahnawaz Akhtar
Iraq produced 3.2 million barrels per day (mmbpd) in June 2013, according to the recent OPEC report. As Iraq has not been allotted any fixed quota in OPEC production, Iraq continues on its own course of action to develop numerous new oil fields to threaten the control OPEC has over the world supply of oil.
Figure 1: OPEC Production of Oil in June 2013 (000 bbls)
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