Iraq has the fifth largest proved crude oil reserves in the world, and it is the second-largest crude oil producer in OPEC. Iraq was the second-largest crude oil producer in the Organization of the Petroleum Exporting Countries (OPEC) in 2014, and it holds the world’s fifth largest proved crude oil reserves after Venezuela , Saudi Arabia , Canada , and Iran . Most of Iraq’s major known fields are producing or in development, though much of its known hydrocarbon resources have not been fully exploited. All of Iraq’s known oil fields are onshore and the largest fields in the south have relatively low extraction costs owing to uncomplicated geology, multiple supergiant fields, fields that are typically located in relatively unpopulated areas with flat terrain, and the close proximity to coastal ports. 1 Iraq is re-developing its oil and natural gas reserves after years of sanctions and wars. Iraq’s crude […]