Iraq’s oil production will only grow marginally over the next 10 years despite its potential capacity, which stands at as much as 7 million bpd, an analyst from IHS Markit has forecast. According to Christopher Elsner, OPEC’s second-largest producer will only be able to boost production to 5 million bpd over the next decade, and by 2036 it would only grow to 6 million bpd, Arab News reports . The reason for the country’s inability to boost production considerably is the political and economic situation. Iraq is currently dealing with protests in the south prompted by problems ranging from a lack of access to clean drinking water and electricity to high jobless rates. But there are also industry-specific problems, according to Elsner, and most of them have to do with money. Noting that the estimated production numbers were “conservative”, Elsner explained, “There is a lot of investment in getting […]