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Iraq and Iran plot oil revolution in challenge to Saudi Arabia

Posted on 29 January 2014

Iraq’s goal of pumping 9m barrels a day of crude could be a game changer for oil prices and British companies. Iraq is poised to flood the oil market by tripling its capacity to pump crude by 2020 and is collaborating with Iran on strategy in a move that will challenge Saudi Arabia’s grip on the Organisation of Petroleum Exporting Countries.
“We feel the world needs to be assured of fuel for economic growth,” Hussain al-Shahristani, Deputy Prime Minister for Energy in Iraq told oil industry delegates attending a Chatham House Middle East energy conference………………………………………..Full Article: Source


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