POLITICAL ECONOMY OF OIL PRODUCTION IN IRAQ DURING 2006-2016

Abstract

The primary purpose of this study is to examine the political economy of oil production in Iraq during 2006-2016. While, the challenges to increasing oil production in Iraq broadly remain, so, Iraq has made incredible progress over the last decade, mostly amid challenging situations should note that while contests to since 2014. However, there are still difficulties to overcome, which should play a significant role to solve for the new government and leadership in Iraq and the KRI following the recent 2018 elections. The study found that Iraq’s oil production curve in recent years has remarkably specified the positions, even if not mainly at the levels estimated in earlier, more positive forecasts. Iraq has developed the world’s fourth-largest oil exporter. Moreover, the second major producer in OPEC organization, with production above 4.1 million bpd for the first time in 2015, of the amount produced in this period, almost 3.5 million b/d produced in southern Iraq under the central government in Baghdad. While challenges continue to achieving the aims of increased oil production and revolving gas from probable to production, there is considerable opportunity for Iraq’s resources to produce revenue and pay to broad-based economic development, if managed appropriately. As both Iraq and the KRI headed into an election year, impending new governments both in Iraq and at the helm of the KRG should seize this as an opportunity to target investment to specific projects that contribute to long-term economic development goals.