The International Energy Agency has reconfirmed what Washington has long suspected: Iraq has the potential to reshape the global energy landscape in the years ahead, thanks to its huge untapped oil reserves. But whether Baghdad can capitalize on this opportunity is far from clear. The stakes are high—both for the global economy and the country’s future.
Despite decades of turmoil and bloodshed, Iraq is already one of the world’s major oil suppliers. The roughly 3 million barrels a day it pumps make it the world’s third-largest exporter. Consider that Iran, hobbled by Western sanctions, is only producing half as much oil today as Iraq, whose wells are putting out more than twice what they did in 2003, the year of the Iraq War.