Iraq – The World’s Largest Oil Producer

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Iraq, being the world’s second largest oil producer, its more than 90% of the budget depending upon the oil of Iraq. And that’s the reason it’s up to Iraq to make best use of Iraq to increase its revenues with oil exports and in that way Iraq can pave its way for the success and for the development of it.

Nowadays, Iraq is producing 3.2 million barrels per day and exporting more than 72% of the total production and if we consider the figure then we find that Iraq, after 1980 never paid attention to produce more oil. Refineries which were installed at that time are still working now and these refineries are not changed and since now, those old measures have been adopted to produce the oil and that’s the reason Iraq has been unable to produce more oil than the present value. Latest News: Oil Prices And Their Impact on Iraqi Dinar

At 2010, Iraqi officials estimated that the country had oil reserves which are more than 143 billion barrels of extractable oil and the majority of oil is in the southern oil field.

Mohammed Saleh, one of the officials of the Iraqi energy commission said that the government of Iraq is making a meeting with other countries to bring advancements in the infrastructure of oil refineries of Iraq. Many companies are interested to invest in Iraqi oil fields to place more oil refineries while numerous companies have started their operations in Iraq on royalty basis. In this way we can say that Iraq is paving its way towards the success and increase the value of Purchase Iraqi Dinar worldwide, said by the Saleh in an interview with News Channel.