Oil Expansion in Iraq Threatens World Demand-Supply Balance

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Hira Shahnawaz Akhtar
Published on
Updated on

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) Iraq has the fifth largest crude oil proven reserves in the world at 141 billion barrels (bbls) as of January 1, 2013. This means that if Iraq is able to overcome its geopolitical issues…

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Hira is a financial analyst whose expertise lies in commodity and other financial markets. Hira is currently an independent financial consultant and is working with many international firms like American Arab Solutions (AAS). She has previously served as a Senior Research Analyst at Alternate Research (Pvt.) Ltd. as the Team Leader for the International Equities Research. She has also worked as an equities analyst of Pakistani E&P stocks at Invest Capital Markets. She has experience in business development and conducting feasibility studies in commodity markets, specifically in sugar, palm oil and canola oilseeds. She has cleared all three levels of her CFA (Chartered Financial Analyst) and has an undergraduate degree in Finance.