Iraq unveiled an ambitious energy strategy June 12, aiming to raise $6 trillion from oil and gas sales by 2030. The Integrated National Energy Strategy would see Iraq invest some $620 billion in the sector over nearly 20 years, ramping up oil production to 4.5 million barrels per day by the end of next year, from around 3.5 million now. Iraq sits atop the world’s fourth largest proven reserves of conventional crude, with about 143.1 billion barrels. Oil revenues make up 95% of the country’s budget. (AFP, AP, June 12)
Iraq meanwhile continues to lurch back towards sectarian war, with violence at a level not seen in five years. Nearly 2,000 have been killed across the country since the start of April. On June 10, a wave of car bombings across central and northern Iraq killed at least 39. The deadliest incident was in Diyala province, where three car bombs exploded simultaneously in a croded wholesale fruit and vegetable market at the town of Jidaidat al-Shatt. (AP, June 11; AP, June 10)
See our last post on the struggle for Iraq’s oil.