Ali also called upon OPEC to give Iraq special dispensation and allow it to export as much oil as it wanted in order to rehabilitate the country’s shattered economy.
Iraq could only produce 2.3 million bpd last month. According to Ali, “Iraq’s proven oil reserves at 116 billion barrels. But the number could climb to more than 215 billion barrels if advanced technology is employed.”
Speaking at lecture discussing the future of the Iraqi oil industry, Ali said, “Iraq should be allowed to produce as much oil as possible by OPEC when its badly damaged hydrocarbon sector is being rehabilitated and stability is being restored.”
“There are two main reasons for this. First, Iraq’s economy is in very bad shape and needs the highest earnings of its oil exports to rebuild its infrastructure. The second is Iraq will be in place to face growing global demand,” added Ali.
Ali feels Iraq should be given special consideration as its has “the second largest oil deposits in the world and needs to make up for losses it has sustained in its oil industry and other sectors”.
Independent sources have estimated these losses to be at around US$222 billion, after factoring the country’s lost income from the time of the 1990 UN embargo until October last year.
