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Iraq could be the next oil superpower despite obstacles

To reach its potential, Iraq’s oil sector must overcome many obstacles

In a region rife with bad news, Iraq’s rising oil production is a rare flash of light. Output last month was just shy of 3.2 million barrels a day (b/d), its highest since the days when Donald Rumsfeld was shaking hands with Saddam Hussein in Baghdad, back in 1983. Oil is pouring out of new loading facilities onto tankers near Basra. These exports, now totaling more than 2.6m b/d, are helping plug gaps in Iranian supplies lost because of sanctions. Almost a decade after the second Gulf war, Iraq is once again a critical component of global oil supplies. Its role will grow significantly in the coming years, alongside a massive surge in production, believes the International Energy Agency (IEA

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