Iraq has the fifth largest proven crude oil reserves in the world
It passed Iran as the second largest producer of crude oil in OPEC at the end of 2012. However, increases in oil production still lag behind ambitious targets because of infrastructure constraints and political disputes. Development of other fuels lags the oil sector. Most Iraqi natural gas production is flared, with the result that Iraq was the fourth largest natural gas flaring country in the world in 2010. Iraq is taking steps to reduce flaring in order to utilize its natural gas resources for re-injection to increase oil recovery, as well as for power generation. After years of power shortages, Iraqi efforts to increase generating capacity are moving forward. Iraq plans to triple generating capacity to 27 gigawatts by the end of 2015.
For more information on Iraq’s energy sector, visit http://www.eia.gov/countries/cab.cfm?fips=IZ