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Iraq is the fifth largest oil producer in the world

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Iraq is the fifth largest oil producer in the world

Wednesday 08 September 2021 132
Baghdad: morning


The Wall Street website reported, on Tuesday, that Iraq is the fifth dominant in oil globally, indicating that the oil industry faced unprecedented challenges in the year 2020.

The website said in a report, which was reviewed by Al-Sabah, that the oil industry faced unprecedented challenges in the year 2020 due to the Corona pandemic, as demand for oil decreased for the first time in more than a decade, by more than 9 million barrels per day, noting that {this also coincided. With oil production declining by 6.6 million barrels per day.

Nevertheless, according to the report, "more than 88 million barrels per day were produced worldwide in 2020," noting that

"the vast majority of this production was for only 15 countries."

The report noted that "the highest production is achieved in 2020", noting that

"the 15 countries combined have 1.6 trillion barrels of oil in their reserves."

The report indicated that {Iraq is the fifth dominant in oil globally, with proven reserves of 145 billion barrels, which represents 8.4% of global reserves, and a production of 4.1 million barrels.
Daily}.

The website stated that "Venezuela comes first in the world's largest oil dominance, with reserves of 303.8 billion barrels, followed by Saudi Arabia, then Canada third and Iran fourth."

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