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IraqIraq Observer

Iraq is bounded on the east by Iran, on the north by Turkey, on the west by Syria and Jordan, and on the south by Saudi Arabia and Kuwait. Most Iraqis speak Arabic, although Kurdish is also used especially in the northern part of the country.

The country has arid desert land west of the Euphrates, a broad and fertile central valley between the Euphrates and the Tigris, and mountains in the northeast.

Two-thirds of the Iraqi economy is powered by oil production. Various estimates indicate that Iraq has approximately 141 billion barrels of oil that is one of the largest reserve in the world. Existing oil fields are widely dispersed with fields in the South of the country currently producing the highest output.
Iraq has significant gas reserves, usually found in conjunction with oil. Significant gas reserves remain untapped. These gas reserves could either be exported or used to provide a significant and sustainable energy source for electricity production, which in turn could drive new domestic manufacturing industry.
Apart from petroleum and natural gas, Iraq’s other natural resources include natural gas, phosphates and sulphur.

Agriculture has historically been of great economic importance for Iraq. Livestock including cattle, sheep, goats and poultry are important industries with training in farm management, animal husbandry and pasture improvement. Government of Iraq is currently focused on modernization of the agriculture sector as a crucial step forward in developing a diversified economy.
Iran is a founding member of the UN, OPEC and Arab League.

Photo: Erbil

Major Indicators

Land (1000 sq. km) 438 (2011)
Head of State President HE Fuad Masum
Population (million inhabitants) 33.2
Capital Baghdad
Language(s) Arabic, Kurdish
National currency Iraqi dinar
Energy sources Petroleum, Natural Gas, Phosphates and Sulphur
GDP per capita (current US$) 5,435
GDP (current billion US$) 180.6
GDP growth % 8.6
Value of exports (billion $) 83.01
Value of oil exports (billion $) 82.99
Value of gas exports (billion $) n/a
Current account balance (BoP, billion $) 26.365
Proven crude oil reserves (billion barrels) 141.35
Crude oil production, NGPL and other 2,653
liquids (1,000 b/d)
Refinery capacity (1,000 b/d) 800 Design, 565 Actual
Production of refined petroleum 551
products (1,000 b/d)
Consumption of petroleum products (1,000 b/d) 512
Crude oil exports (1,000 b/d) 2,166
Exports of refined petroleum products (1,000 b/d) 1.1
Proven natural gas reserves (trillion cu. m.) 3.158(2011)
Natural gas exports  (billion cu. m.) n/a
Domestic Dry Natural gas consumption 7.384
(billion cu. m.)
Marketed production of natural gas (billion cu. m.) 0


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