Iraq Oil Industry has got one of the biggest reserves of oil in the whole world and the economy is very much dependent on the export of Oil. But in spite of this favorable condition
Iraq Oil Industry is going through a very lean patch because of the political turmoil that is taking place in Iraq which includes the wars and that has caused a kind of depression in the Iraqi economy.
The
Iraq Oil Industry provides almost 95 percent of the foreign earnings that are achieved by Iraq and also most of the GDP or the gross domestic product is contributed by Iraq. Iraq Oil Industries have suffered great loses through the multiple wars that have hurt the Iraqi economy very dearly.
The
Iraq Oil Industry reached new heights during the first five year plan that was implemented between 1976-1980. This 5 year plan resulted in a production capacity of nearly four million barrel per day. The Iraq Oil Industry planned to increase this production up to nearly 5.5 million barrel per dollar by the year 1983 but a war broke out in Iran during this period which forced the plan to stop at once.
The experts believe that the future of the Iraq Oil Industry would also determine the fate of Iraq country as everybody knows majority of the gross domestic product comes from the Iraq oil Industry. The responsibility lies with the main oil companies in Iraq like Iraqi national Oil company or INOC.
According to various experts,
Iraq Oil Industry needs to come forward and needs to take some major steps to build the country which is going through such a hard time. The experts want the companies to again start producing oil and bring a stability to its economy and also join government and help the government to take effective decisions. They also suggest to open the market for international oil farm and also want the oil companies to get privatized so that the transparency remains and production increases.