Iraq: the new hope for oil supply security?

As international oil companies wade into Iraq, forecasts for Iraqi production now stand as high as 10 million b/d within the decade. However political uncertainty and poor infrastructure leads analysts to caution against relying on Iraq as the next hope for global oil security, finds Lianna Brinded

Since the beginning of the year, Iraq has remained firmly in the headlines as the next new hope for global oil security after a raft of corporates from around the world signed on the dotted line with the Iraqi government and its incumbent oil companies to develop oil fields for domestic consumption and export.

If all the developments go to plan, an extra 7–10 million barrels per day (b/d) could be produced by Iraq within the next decade. Many market watchers believe this extra supply will be