Iraq wants to lead oil world
BAGHDAD, Dec. 30 (UPI) -- Iraqi oil production is increasing to the point that it will dominate oil policies on the global stage, a deputy prime minister for energy said.
Iraqi Oil Minister Abdul-Karim Elaibi claimed Monday that output had increased 100,000 barrels a day to 2.6 million bpd and will hit higher targets "sooner than expected."
Iraq plans to boost production to as much as 12 million bpd by 2017, which would put the Iraqis near Saudi Arabia's current capacity.
Hussain al-Shahristani, who left the post of oil minister to become the deputy prime minister for energy in the new Iraqi government, said his country would be at the forefront of world oil producers when production hits 12 million barrels of oil per day within the next six year, Iraqi news agency Azzaman reports.
"Iraq shall dominate international oil policy in terms of distribution, prices and marketing," he said.
Iraq has signed 15 oil and gas production contracts with major international energy companies to boost production.
Iraq gets most of its revenue from oil sales, though rich natural gas deposits have drawn international interest. The country aims to sign off on gas deals with Royal Dutch Shell and Mitsubishi by the end of January.
http://www.upi.com/Top_News/Special/2010/12/30/Iraq-wants-to-lead-oil-world/UPI-90381293712780/
