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Iraq has quickly become a global oil leader, winning a seat in the Organization of Petroleum Exporting Countries (OPEC) and this year overtaking Canada as the fourth-biggest oil exporter in the world. But the country, which was seriously damaged by the war, has nothing to celebrate this fact.

While oil markets are discussing Saudi Arabia’s ability to increase its production to offset the impact of US sanctions on Iran and the limitation of oil production in the Islamic Republic, Iraq has quietly increased supplies to Asia, Europe and the Mediterranean region.

Iraq produces a record 4.78 million barrels per day, according to the oil minister Jabbar al-Luaibi. According to him, the country’s output will grow to 5 million barrels per day in 2019 and to 7.5 million barrels per day in 2024.

The consulting company Wood Mackenzie predicts that Iraq can produce up to 6 million barrels per day by 2025 and its output will continue to grow faster than other countries, except the United States.

On the background of its oil power, Iraq suffers from underdeveloped electricity distribution networks and electricity supplies.

The increase in oil production is good news, but Iraq still fails to provide basic utilities such as clean drinking water and electricity for its citizens. Most economic indicators in Iraq, apart from oil, show little or no growth.

The political tensions continue to shake Baghdad – conflicts with local Kurds, problems with minority groups, dissatisfaction with the Shiite majority of unreliable public services.

The oil prices have doubled since 2016, as well as oil production in Iraq. But the country’s stock index fell by 30% over the same period, with nearly 32 billion USD in foreign direct investment leaving the country.

Over 75% of oil supply growth by 2025 will come from the US, Canada and Iraq.

The citizens are disappointed that they do not have 24-hour electricity, the infrastructure and healthcare are in a miserable situation.

The international oil companies are responsible for two-thirds of Iraq’s current production, with their capital and technology remaining crucial factors for maintaining this capacity. As the government pays to the companies in question, manufacturers can get a good return on their investments even if the price of oil drops to 30 USD per barrel.