IEA optimistic about future of Iraq oil industry

Iraq will make “by far the largest contribution to global oil supply growth” in the coming decades, with production expected to more than double by 2020, according to a new report released today by the International Energy Agency.

Iraq’s current daily oil production of 3 million barrels per day will surge to 8 million barrels per day by 2035, according to the report.

The nation is expected to become a key exporter to China and other growing markets in Asia, the agency said.

“Developments in Iraq’s energy sector are critical for the country’s prospects and also for the health of the global economy.” IEA Chief Economist Fatih Birol, the report’s chief author, said in a statement. “But success is not assured, and failure to achieve the anticipated increase in Iraq’s oil supply would put global oil markets on course for troubled waters.”

Read more about the report here.