March/April 2003 Issue

Iraq: Oil

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Oil Reserves1 112.5 Billion barrels
2002 Oil Production1 740.95 Million barrels
2002 Oil Production Value2 $17.264 Billion
2002 Oil Production as Percentage of GDP3 60.36%
Companies Actively Pumping3 Iraq National Oil Company (INOC)
Top Countries Oil Exported to4 United States (50%); France (6%); Netherlands (5.5%); Italy (4.5%); Spain (3%)

1 Source: Oil & Gas Journal, December 23rd 2002; pp. 113-115
2 Based on average imported refiner acquisition cost, January to October, 2002. Source: Monthly Energy Review, www.eia.doe.gov/emeu/mer/prices.html
3 Source: Energy Information Administration country analysis briefs, www.eia.doe.gov/emeu/cabs/
4 Source: International Petroleum Encyclopedia. Tulsa, OK: PennWell Publishing Co. (2002), pp. 79-84.

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