Motley Fool - Iraq is the only OPEC member operating without the constraints of a production quota, which has been suspended since 1998. This is expected to come to an end in 2014, as the country targets a production level of 4.5 million barrels per day in 2013 and a staggering 12 million barrels per day by 2017.
OPEC expects global demand to increase 5.3% over the next five years, requiring a production output of 92.9 million barrels a day.
Last year Iraq announced its new estimate of national crude oil reserves at 143.1 billion barrels, which is 24 per cent higher than the previous estimate of 115 billion barrels in 2001.
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