That's the view of a Colorado energy consulting company being reported by the International Herald Tribune.
The report places Iraqi reserves at 116 billion barrels, while the western area of the country may hold as much as 100 billion barrels more that has yet to be discovered or delineated.
This report is consistent with a consensus in the analyst community that current world oil prices contain a substantial security premium caused by unrest in Africa, Venezuela and the Middle East. Removing those tensions could see a drop in oil prices from the current level of around US$60 to US$45 or less.
Increased Iraqi oil production would certainly lower oil prices and further increase the competitive pressure on small oil areas like offshore Newfoundland and Labrador.
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