Iraqi oil-3: Policy key to unlocking potential

The oil industry is Iraq’s most efficient wealth-creating instrument. Recent and near-term future oil prices, which have reached $50-60/bbl and above from $22-28 last year, are providing high income for the country, particularly in view of Iraq’s low discovery cost of about 50¢/bbl and its development cost of 50¢-$1/bbl. The country has vast reserves potential (OGJ, Sept. 5, 2005, p. 20). An effective oil policy, however, is key to unlocking that potential.With the country’s nearly total dependence on oil income, logic dictates the requirement for a pivotal state-owned oil industry as is generally practiced in most major oil-producing countries. Iraq National O...

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