Iraq holds a very conservatively estimated 145 billion barrels of proven crude oil reserves. Hamid Younis, first vice president of the Iraq National Oil Company, said last week that the country is planning to ramp up crude production to 8 million bpd. A number of factors, including corruption issues, weak civil society, insecurity and lack of resources have kept Iraq
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The rejection of Russia has led the Middle Eastern country to emerge as the main alternative for obtaining the resource Jorge Ortiz Iraq continues to reach record oil sales figures. The country, for the fourth consecutive month, has become the world's main market for the precious resource and is causing the country to improve its economic level. According to the Ministry
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By Sarah Mcfarlane and Aref Mohammed Summary Companies Iraq persuaded Lukoil to halt sale to Sinopec - sources Baghdad concerned China becoming too dominant - sources Western firms not happy with terms of Iraqi deals LONDON/BASRA, May 17 (Reuters) - Iraq's oil ministry thwarted three prospective deals last year that would have handed Chinese firms mor
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West Qurna-2 has around 14 billion barrels of reserves in place. West Qurna 2 has long been able to produce a lot more than the 400,000 bpd it currently produces. Russian operator Lukoil has been receiving an exceptionally low remuneration rate per barrel. Changes in the stance of both Baghdad and Lukoil could mean that the original deal to boost production to at l
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It is in the national interest that the Ministry of Oil, especially in the absence of due democratic processes in making policy, consult with an Iraqi think-tank, made up of competent Iraqi oil technocrats, in an atmosphere of constructive debate. Rules and procedures for incorporating advice and consultation from the think-tank ought to be worked out and selection should be
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