Iraq occupies a prominent status among the founding countries of the Organization of the Petroleum Exporting Countries (OPEC), which occupy second place after Saudi Arabia in the level of oil production has reached quantities of production to around 4.6 million barrels per day - before agreement (OPEC) last , which stipulates oil production and management of economically sustainable.
Petroleum Exporting Countries agreed a consensus in January 2017 reduced total output by 1.2 million barrels per day from January 2017 to restore the balance between supply and demand, and then improve the price of oil, and Iraq agreed to cut production by about 200 thousand barrels per day to 4.35 million barrels per day .
Energy experts are expected to turn Iraq into one of the largest countries in the oil and gas production, and is its importance and its future role on the regional and global level through access to oil and gas reserves, in addition to the occupation of Iraq , the world leading center of oil reserve stocks and gaseous, and indicate American sources related geological studies , the presence of huge amounts of oil reserves that have not been discovered so far in Iraq.
Iraq has stressed the need to implement the plans for the production and development of fields during several meetings between representatives of the Ministry of Oil and investment companies, and most recently when presided over Iraq 's oil minister Jabbar Allaibi an expanded meeting with representatives of oil companies operating in the licensing rounds in the presence of the Department contracts and petroleum licenses and managers of the oil sector companies concerned, in addition to the joint departments of oil fields. The oil minister stressed the need to implement the commitment plans of production and development of oil fields.
Announced various global companies plans production for subsequent years, including Shell Iraq Petroleum Development - oil crazy field operator, where the company signed a contract with Halliburton Company to develop the oil Majnoon field by drilling development wells and the execution of the rehabilitation of wells in 2018 and 2019
and within the framework of the contract will Halliburton global company moving three drilling rigs for the purpose of developing the field, and will work in close cooperation with the Basra oil company and the Ministry of
It was moving drilling platforms from various sites down to the crazy field for the purpose of starting drilling , which in turn will equip the company to continue to pay production plans and the development of one of the largest fields in the world.
The Ministry of Oil has confirmed the permanent ambition to develop oil projects to reach high production rates that will meet the needs of the stage and the development of the financial revenues of Iraq, through the adoption of modern technology used for the drilling of oil wells and management of oil projects with professionalism and craftsmanship high.
The importance of oil for producing countries through effective contribution to sustainable economic development through the availability of petroleum revenues to finance consumer goods and services, and of being a material that can be exploited in the construction of an industrial base as one of the necessary production of any other elements of industries.
It shows the impact on the oil industry through its impact on the industry , which relies on crude oil and natural gas. Despite the decline in the contribution of manufacturing to GDP, but the nature of the industry in oil - exporting countries that are in the petrochemical and oil refineries and modern metal industries and fertilizer chemicals make it important industries
Adopts the principle of sustainable development on multiple sources , both natural sources were directly, or production inputs and intermediates are available, in addition to qualified human cadres leading this development and achieve its sustainability, working to achieve sustainable development must be accompanied by the rationalization of consumption of natural resources, lack of depletion, as well as the need to find a balance between the current level of living , which has the region and aspires not to exaggerate the