In a way, the problems that happened in Iraq over the last 29 years may have worked for the best of Iraqi future.
In 1980s, 1990s and 2000s, Iraq did not export much oil and also has not explored for it as it was not able to export much for many reasons (Iraq - Iran war, Sanctions, etc)
in last 29 years, prices of oil were mostly very low. I remember them reaching below $10 at some point.
While oil was so cheap, Iraq was keeping most of its oil underground.
Soon, the world economy will recover while stocks of oil are getting less and less all over the world
Except in Iraq.
A Shell and BP report shown on BBC (chennel 2) about 6 months ago, estimates that Iraq has actually more than 4 times the amount of official oil reserves, at least.
In 1979 - 1980, these 2 companies made a list of about 600 areas in Iraq to explore for oil
they only managed to investigate 23 areas of these. They found that 19 had oil in them. And, they did not use the current modern technology that checks for much deeper oil.
Iran - Iraq war started and everything stopped since. No more exploration since.
OPEC gives each country a quota to export according to their proven reserves.
However, why does Iraq need to explore?, Iraq has always been unable to export all its OPEC quota anyway!
If the rest of the 600 sites turn to be as positive as these 23 sites, then Iraq will have more than twice as much oil reserve as Saudi Arabia, or 31% of all the world's current known reserve of oil.
If the price of Barrel of oil is $150, and we manage to export every single drop within the next 30 years, then:
Every single Iraqi (child adult man or woman) will have a share of 3.7 million dollars (or just over $115000 every year).
Imagine what happens if also oil price becomes $500 per barrel.
If it seems impossible, then did you think that $147 per barrel was possible in 2008?
Saudi Arabia has been exporting 8 - 10 million Barrels per day for over 30 years.
Iraq has been exporting anything between 1 to 2 million barrels per day during the same period.
Saudis were selling at an average of $21 per barrel if you take the whole of the last 30 years.
At the same time, Iraq was "SAVING" its oil.
We are also:
1- Iraqis are historically very well educated.
2- We have 2 long rivers spanning from north to south.
3- I like to think that we are very hard working and clever people.
4- Our land is much more fertile.
5- ...........................(I can't say it as we are not allowed here to mention religion or politics)
That is why I made sure that my son gets the Iraqi passport.
Sit tight boys and girls. It will be very very interesting over your lifetime.
We will definitely be the richest country on earth.
I just hope that they will allow us.
Cheers
Mohammed