Only Iraq’s oil export to raise among OPEC

Only Iraq’s oil export to raise among OPEC

ISTANBUL - Hürriyet Daily News
Only Iraq’s oil export to raise among OPEC

Growth in oil production, 2011-2035: Iraq accounts for 45% of the growth in global production to 2045; by the 2030s it becomes the second-largest global oil exporter, overtaking Russia.

Iraq’s annual oil export volume is expected to follow a gradual increase starting this year and continuing until 2017, reaching almost $150 billion, while the volume of other member countries of the Organization of Petroleum Exporting Countries (OPEC) are expected to fall in the next five years, according to forecasts of the International Monetary Fund (IMF).

Saudi Arabia keeps top seat

Iraq’s oil exports volume are expected to rise by $102.63 billion this year to $149.74 billion by 2017. The total oil export volume of OPEC is, however, estimated to decrease from $1.27 trillion to $1.15 trillion during this period, as its 11 other members will show a fall, compiled figures from Anatolia news agency regarding IMF expectations showed.

However, Saudi Arabia will maintain its top place based on oil export volume among 12 members. Its volume will decrease from $334.16 billion to 296.44 billion at this period. While Iraq ranks sixth this year, it is expected to become the second largest oil exporter by 2017, surpassing United Arab Emirates, Kuwait, Nigeria and Qatar.

International Energy Agency’s World Energy Outlook 2012 says Iraq will become the second-largest global oil exporter by 2030 overtaking Russia, as its accounts will make 45 percent of the growth in global production to 2035.