How much is the oil in Iraq worth?

How much is the oil in Iraq worth?

Iraq can produce 2 billion barrels per year. At $100 per barrel, that oil would sell for $200 billion. The population of Iraq is 24 million and that oil income translates to $8000 per person.

Does the US extract oil from Iraq?

The United States imported an average of 177,000 barrels of petroleum per day from Iraq in 2020. That year, the coronavirus pandemic and resulting oil crisis brought about a notable decline in petroleum imports, with overall petroleum imports from OPEC countries decreasing by roughly 50 percent.

Is there still oil in Iraq?

It holds the world’s fifth-largest proved crude oil reserves at 145 billion barrels, representing 17% of proved reserves in the Middle East and 8% of global reserves. Iraq’s crude oil production grew by about 300,000 barrels per day (b/d) from 2013 through 2019, and it averaged 4.7 million b/d in 2019.

Is Iraq oil rich?

Oil reserves in Iraq are considered the world’s fifth-largest proven oil reserves, with 140 billion barrels. The majority of Iraq’s proven reserves of oil comes from the following cities: Basra (Being #1), Baghdad (Being #2), Ramadi (Being #3), and finally, Ba’aj (Being the last oil rich city).

Who produces the most oil?

United States
What countries are the top producers and consumers of oil?

Country Million barrels per day Share of world total
United States 18.60 20%
Saudi Arabia 10.82 11%
Russia 10.50 11%
Canada 5.26 6%

Is the Iraq state oil marketing organization ( Somo )?

Iraq’s State Oil Marketing Organization (SOMO) is reported to be restricting companies from reselling Basra crude oil on the spot market. Oil traders have told S&P Global Platts that SOMO wants to keep a greater share of the lucrative spot market for itself. The report adds that SOMO is merely implementing restrictions already embedded […]

Where is the oil marketing company in Iraq?

OIL MARKETING COMPANY (SOMO) is located in Baghdad, Iraq and is part of the Petroleum & Petroleum Products Wholesalers Industry. OIL MARKETING COMPANY (SOMO) has 15 total employees across all of its locations and generates $57.18 million in sales (USD). There are 170 companies in the OIL MARKETING COMPANY (SOMO) corporate family.

When did Iraq stop exporting oil to SOMO?

The agreement gave Baghdad control over Iraq’s northern crude oil exports, and in exchange, the KRG received payments from Baghdad equal to 17% of Iraq’s federal budget. This arrangement lasted until August 2015, when the KRG stopped oil transfers to SOMO. Transfers to SOMO resumed in August 2016, and this arrangement lasted until June 2017.

Where does Iraq get its crude oil from?

KRG and the federal government of Iraq agreed to an oil transfer and payment scheme, and the KRG began transferring some of the crude oil at Turkey’s Ceyhan terminal to Iraq’s State Organization for Marketing for Oil (SOMO) in late 2014.

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