The Organization of the Petroleum Exporting Countries (OPEC) officials said Monday they believe oil prices will rebalance soon, which could mean the countries aim to continue producing oil, with Iraq leading the way.
If OPEC continues pumping oil, then Iraq — which produced more barrels of oil than all other oil producing nations in 2015 — would indubitably keep its spigots open, too.
Iraq’s southern fields could reach production levels as high as 4 million barrels per day, an anonymous Iraqi oil official told Reuters Monday. The Shia-dominated country has previously produced 3.7-3.8 million barrels of oil per day from its southern fields.
Oil prices have tumbled, dropping from a high of $100 a barrel in 2014, to a ten-year low of $28 a barrel in 2016.
Below is a graph adding context to Iraq’s influence on oil prices.
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