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Page added on April 4, 2018

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Iraq Unveils Plan To Diversify Away From Oil

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Iraqi Prime Minister Haider Al Abadi on Sunday unveiled an ambitious plan to end its dependence on oil through building up its private sector over the course of just five years.

The plans are reminiscent of Iraq’s earlier plans to shift away from oil and towards the industrial sector, which were discussed in mid-2013. At the time, the plan faced many headwinds, including political discord and disruptive sectarian violence.

“The government made a decision to focus on other sources in the country instead of oil, so the new plan will basically focus on industry instead of oil,” said Hussain al-Shahristani deputy prime minister for energy affairs, said at the time.

Today, 90 percent of Iraq’s total revenue comes from the oil sector.

This time around, the plan is to shift away from oil and toward agriculture—a move that if successful, would insulate Iraq from significant swings in oil prices, not to mention lessen the burden of its tether to OPEC’s oil production cuts.

At the same time, Iraq approved over the weekend an increase to its oil production capacity by as much as 1.5 million barrels per day, despite its duty to OPEC to curb production to 4.35 million bpd. The plans to increase Iraq’s oil production capacity comes just days after Oil Minister Jabbar al-Luiebi recently told media that Iraq’s proven crude oil reserves could be much higher than previously estimated.

If the higher estimate proves true, it would make Iraq the largest oil-rich country in the world, ahead of Venezuela, which claims its reserves are just above 300 billion barrels, and also ahead of Saudi Arabia, with 260.8 billion barrels.

Al-Luaibi’s remarks on the reserve estimates come amid preparations for the next oil tender in the country, which is to take place this week and offer 11 exploration blocks to foreign companies.

By Julianne Geiger for Oilprice.com



6 Comments on "Iraq Unveils Plan To Diversify Away From Oil"

  1. twocats on Thu, 5th Apr 2018 5:48 am 

    come for the overstated oil – stay for agricultural land grab, I mean agricultural investment opportunities.

  2. Dooma on Fri, 6th Apr 2018 5:03 am 

    Iraq. Come and marvel at the weapons of mass destruction which will require lots of imagination to visualise.

    Participate in the Madeleine Albright walk which takes you on a breath-taking scenic tour of thousands of graves of innocent people. The dead children’s graves are particularly “worth it.”

  3. Boat on Fri, 6th Apr 2018 10:37 am 

    Graves are no problem. Iraq breeding program is in full force. In 2003 (the Bush war era) there were around 24 million citizens. Today around 39 million. War apparently gets humans humping.

  4. Dooma on Sat, 7th Apr 2018 4:58 am 

    So then Boat, murdering innocent people is not a problem because they have replaced their dead kin.

    Wow, I never thought of it that way. You are saying in effect that those victims of war are merely animals.

    Christ, watching an Iraqui mother weeping over the body of her dead child almost makes her seem…selfish, according to your logic because she can have another kid.

    What a self-entitled bitch. And thanks for the lesson in the fact that particular human lives are less valuable than others Boat.

  5. Cloggie on Sat, 7th Apr 2018 5:19 am 

    Put somebody in a big chair in front of a 65 inch telly and let him watch the Houston Rockets for years on end. What you finally arrive at is “das boat”.

  6. Davy on Sat, 7th Apr 2018 6:52 am 

    “Put somebody in a big chair in front of a 65 inch telly”

    Put an old dutch guy in his easy chair spewing Eurotard propaganda all day long and you get a fat dumb n dutch.

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