Iraq will miss its target of producing 12m barrels of oil a day by 2017 and could take another 20 years to achieve even half that level of output, says the International Energy Agency.Certainly some scepticism as to the schedule and plateau level is in order. Whether this much, I'm not sure - a lot is uncertain. A number of big oil companies are going to lose a lot of money if things go as the IEA predicts. It will be interesting to see the detailed reasoning when the report is published.
In a draft of its annual World Energy Outlook report, the IEA gives a downbeat assessment of Iraq’s ambitions. However, it predicts its crude oil production will overtake that of neighbouring Iran “by soon after 2015”.
Past coverage of Iraqi oil issues is here.