Iraq: Everything Depends on Oil

According to the Iraq Study Group, Iraqi oil production and sales make up nearly 70 percent of Iraq's GDP and more than 95 percent of government revenues.

Iraq currently produces about 2.2 million barrels of oil per day, which is less than pre-war output, and far less than its potential.

As many has half a million barrels of Iraqi oil are stolen every day, due to corruption and attacks on refineries and pipelines.

Proven oil reserves in Iraq are believed to be about 115 billion barrels, trailing only Saudi Arabia, Canada, and Iran.