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Iraq is thought to have the world's
second largest oil reserves, approximately 112 billion barrels,
second only to neighboring Saudi Arabia. Oil accounts for 98
per cent of all material exports. The
country's main oil reserves are in the north, northeast and
south. Iraq, a member of OPEC,
nationalized oil production in 1972. Oil production facilities
were badly damaged during the
eight-year war with Iran, which ended in 1988. Those facilities
were rebuilt prior to the 1990 invasion
of Kuwait, but damage during the 1991 Gulf War and resulting
economic sanctions once again led the
industry into decline. Exports have been severely limited by
a UN oil-for- food program. Iraq has
more than 6,000 kilometers of pipelines carrying crude oil,
petroleum and natural gas. |
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