Brookings
Kenneth M.
Pollack | June 23, 2014 11:00am
http://www.brookings.edu/blogs/up-front/posts/2014/06/23-oil-iraqi-civil-war-pollack
It should
be obvious that a key consideration for the United
States arising from the revived civil war in Iraq
is its potential to affect Iraqi oil production. Iraq is now the second largest
producer in OPEC. And although Americans are ecstatic about fracking, energy
experts have been warning that future oil prices are more dependent on
increasing Iraqi production than North American shale. In October 2012, the
International Energy Agency stated that, “The increase in Iraq ’s oil production in the Central Scenario of
more than 5 [million barrels per day] over the period to 2035 makes Iraq by far the
largest contributor to global supply growth. Over the current decade, Iraq accounts
for around 45% of the anticipated growth in global output.”