Iraqi oil output is expected to reach 3.5-4 million barrels per day by 2009-2010.
According to the International Monetary Fund, Iraq's oil production has already recovered to its pre-war level in 2004 and was expected to reach 3.5 million bpd by 2009. With sufficient investment and the use of modern technologies, crude oil production could reach over 5 million bpd in the long run, they said.
Iraq has three large refineries. Baiji refinery was constructed in 1982, and Basra refinery was constructed in 1972 and its capacity was doubled in 1979, and Daura refinery was constructed in1955. There are also several small refineries in the war-torn country.
Iraq has one of the largest estimated oil reserves in the world. Based on old geological surveys, reserves are estimated at some 100-130 billion barrels, accounting for 11 percent of the world's total, second only to Saudi Arabia.
Iraqi oil reserves are believed to be even higher. Iraq's oil is of good quality and relatively inexpensive to produce, as many fields are large, onshore and have fairly simple geological structures, according to the IMF.
