Analysis: Iraq, the world’s new oil powerhouse?

As production pushes above pre-sanctions OPEC quota levels, Iraq is poised to take center stage in the global oil arena – if it can overcome domestic disarray and regional strife.
Tankers dock at the Al-Basra Oil Terminal. (BEN LANDO/Iraq Oil Report)

For decades, Iraq was a second-tier producer in the OPEC cartel it helped to found. Despite having the world's third-largest conventional oil reserves, production was uneven at best, as the oil sector suffered from war, sanctions, and mismanagement.

Now, however, as Iraq continues to celebrate ongoing oil production increases, the world is watching closely.

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