BP is in Iraq as well.
BP has a $30 billion liability due to the spill. They’ve divested most of their holdings in Russia. Wonder who’s going to be buying up the rest of those assets?
Iraq’s oil minister claims he can get to 13 million barrels of oil per day by 2013.
Everyone on the planet who is rational knows Iraq cannot get to even 5 million barrels of oil per day by even 2025. They likely will NEVER get to 5 mbpd. The fields presently pumping are losing output at about 6%/yr. They have to add that just to break even.
The article’s celebration of a few 10’s of thousands of barrels per day is insignificant. The world burns 85 million barrels of oil per day, mostly from fields whose production is falling.
The US needs to embrace a policy of hugely expanded oil consumption, to deny what production (not reserves) is left to China.