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Iraq is the second largest oil producer of the world with the 3.25 million barrels per day. Saudi Arabia with the 6.6 million barrel oil is at the top of the list. For the numbers of years Iran is in the quest of the position of Iraq in the international market. As far as my opinion is concern, the Iran is little late now.

According to the Foundation in the news report that a joint venture to explore for oil comprising enterprise Korean oil enables the discovery of new reserves in the field Haulir in the Kurdistan region of Iraq, the hole Albanan exploration fourth in a field Haulir produced the successful 4,320 barrels of light oil daily drilling tests, which began in January last year.

There are very few countries in the whole world that have huge oil reserves. Saudi Arabia is at number one. Then come the number of Iran and Canada. Iraq is on number four in the world oil position. Iraq's production in million barrels is huge. Every day Iraq is able to produce 2.3 million barrel oil.

The central bank of Iraq announced on Wednesday about the contract it signed with an international company to manufacture the gold ingot. The international coin manufacturing company will manufacture the gold coins that will be sold to the general public in the country.

The central bank of Iraq showed its determination for the economic development of Iraq even in the worst economic situations of Iraq. The central bank of Iraq along with finance ministry of Iraq will work accordingly, to produce positive and productive economic results. Turky said that ministry of defense can handle every situation so well and therefore they need not to be worried about these temporary hurdles.

With this membership the export of Iraq will increase in the European markets especially the export of crude oil. The investors will invest more than before to produce more products as they have a big option in the mind. The employment opportunities in the country will also increase and there will bring balance in all the sectors of economy.

Iraqi Dinar 123 News:- Iraq is facing lot of challenges internally and worldwide these days. The lower oil price internationally is a big challenge for Iraq. Iraq oil exports are down gradually. Iraq is one of the larger oil producers in the world but low oil prices effected Iraqi exports.

Iraqi Dinar 123 News:- The Kirkuk oil fields of Iraq produce 25 thousand barrels per day. It was under the control of Baghdad for the several years but the recent clashes between Iraq security forces and rebel militants have changed the things almost completely.

The Secretary General of OPEC said that the production of oil said in a meeting of the organization that Iraq would soon produce oil from the South of it. There is no need to get tense over the fact that the production of oil from Libya is there no more. He speculated that very soon Libya would be back in oil production.

It has been seen that the oil prices are rising all over the world. This news is great for the oil producing countries. These countries contribute to the increase in not only the price of the oil per barrel but also the increase in their local currency.

Iraqi Dinar 123 News:- Iraq is the second largest oil producer in the world after Saudi Arabia. It was expected that with the recent instability in Iraq will disturbed the international oil market so badly. Fortunate the oil industry is not affected too much by this insurgency of Sunni Militants.

Iraq is the second largest oil producer in the world after Saudi Arabia. Therefore economy of Iraq impacts directly the international oil market and indirectly the economies of the other developing countries in Asia and Africa. The Brent oil has increased in the international market for last 4 weeks due to crisis in Iraq.

It was good news on Wednesday that 77 million barrels of crud oil has been produced in the southern part of Iraq. The company responsible for the southern part of Iraq is exceptional. They announced the total production of the oil fields of material crude oil for the month of June exceeded by 77 million barrels.

The economists believe that dependence of oil will seriously harm the economy of Iraq. The economy of Iraq will be in disaster if global market faced any crisis. Iraq must understand that just oil industry cannot satisfy the whole demands of the country. The oil industry alone cannot produce the jobs for everyone.

Iraqi Dinar 123 News:- Iraq is facing lot securities and financial issues but still Iraq's economy considering for global economic development at international level. Because Iraq is larger oil producer in worldwide, that's the reason the foreign world trying to build their financial and trade relation with Iraq with positive attitude.