The Opening Of Iraq: Post-Sanctions Iraqi Oil, Its Effects On World Oil Prices

The opportunities for investing in Iraq's oil sector after sanctions are lifted are very significant, indeed, but there are enormous consequences for oil markets when those opportunities are exploited.Iraq is known to have great oil potential, but little is known about exactly how much there is (OGJ, July 29, 1996, p. 108).The present estimate of recoverable reserves of 112 billion bbl probably represents only the smaller part of what could be the country's ultimate recoverable reserves.Iraq, the least explored and developed of the major Middle East producers, has been underexplored for various political reasons-since 1961 mainly owing to problems with the Iraqi government or with...

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