Former SCOP official laments ‘golden era’ for Iraq oil, optimistic for future
Plus: *Oil terminal moving from U.S. to Iraqi security *Finance Ministry orders oil report from Oil Ministry, issuing $5B in bonds, courting international banks *Elections begin *World Bank: 44 percent of Iraqis make less than $85/month *Battle Against Brutality: women in Iraq *Alive in Baghdad: Fake Pharmacies Plague Iraq *New SIGIR reports *Iraq Press Roundup […]"The 1970s was a golden era for Iraq’s national oil industry. A lot was achieved, from exploration to developing new fields as well as enhancing the production capacities of producing fields. Crude oil production capacity rose to above 3.5mn b/d in 1979," former Director General of Iraq's State Company for Oil Projects Falah al-Khawaja writes in Middle East Economic Survey (MEES).
"Unfortunately, the work was effectively stopped late in 1980 with the outbreak of war with Iran. Production went on a downward slide as a result of the wars and the severe sanctions, until the fall of the former regime. Maximum production on the eve of the invasion in March 2003 was about 2.8mn b/d.
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