Monday, December 11, 2006

Iraq Oil Production and Economy

I was chatting with a liberal friend of mine who said that things were so bad in Iraq that they were importing oil. I said that my understanding was that they might be importing refined products like gasoline, but that they were producing about 2 million barrels a day of crude oil.

Another liberal said that the Iraq government had no control and was a joke. I said a key ministry was oil and that somebody must be going to work and getting things done to be able to produce 2 million barrels a day of crude oil.

I was met with disbelief. My friends should read the December 8, 2006 article in the Houston Chronicle which takes it information from the Baker-Hamilton Iraq Study Group. See Iraq panel: Security hampering economy
The article included many negative comments, but also included this information:
■ “There are some signs of progress, the bipartisan commission told President Bush. New businesses are cropping up and computers, cell phones and other consumer goods are flowing into the country.”
■ “Iraq produces around 2.2 million barrels of oil a day and exports about 1.5 million”
■ “Iraq could boost production from existing fields to around 3 million to 3.5 million barrels a day over a three- to five-year period, the report said.”
■ “Overall, Iraq's economy is growing but not as quickly as hoped.”


Post a Comment

<< Home