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According to the news reports, it has been said that Iraq has a potential to become one of the largest oil producer of the world. Many researches have shown that Iraq has mega oil and gas resources. If Iraq pays attention to extract more oil resources then it might become one of the largest oil producers of the world. By taking into consideration how the Middle East economy is based on oil, people would expect that Iraq has the giant infrastructure and outstanding working facilities or large workforce facilities nowadays to spin the out massive oil productions. With this international community would think that Iraq has a potential to become as one of the rising economy of the world.

Amazingly, this is not the case, as an analyst of Dinar currency, who has usually kept an eye out for oil related activities and projects are saying that this nation is scratching the potential that is must for the success of this nation. There are not enough workforces, enough working facilities and enough developing conditions to raise the oil production or tending to become as one of the largest oil producer of the world.

In this regard, the World Bank is backing Iraq to initiate the oil project developments to raise the oil production as Iraq has not so better conditions which are good for oil production. After the war in 2003, there was great infrastructure loss and after that these conditions are still persistent. World Bank is negotiating with the government of Iraq to initiate the oil projects so its oil production may rise. World banks, through its investigation has found that Iraq has potential got become one of the largest oil producer of the world and being the largest oil producer of the world, Iraq can become also one of the strongest economy of the Middle East.

As survey made recently, and it has been found that Iraq has more than 2000 largest oil wells which are spread throughout the country and these wells has abundant of oil reserves. If we look at the Texas then we find that Texas has millions of oil wells but these wells are pale and are not equal to 500 wells of Iraq’s wells. And from this you can find out how much you can estimate the oil production. Iraq has the potential to become one of the largest oil producers of the world and this is the way by which Iraq can pave its way towards economic development.

Iraqi nation is tending to raise the oil production significantly and ministry of oil has announced several times regarding the increase in oil production and several times it has been announced that Iraq has gotten so much oil and gas reserves. And recently, an announcement was made and according to the announcement it was declared that Iraq’s oil production will reach to 17 million barrels per day by 2017. If more than 300% can be obtained then Russia can be left in the dust with this and this would be the great success in Iraq.