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       By: chandna rani Date: September 3, 2023, 4:29 am
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       The Iraqi government then hoped that the country could increase
       its production from 2.4 million barrels a day in 2009 to 12
       million in six or seven years. Although many inside and outside
       the global oil industry considered the target too ambitious, it
       would have seemed realistic to aim for 6 to 7 million barrels a
       day. But even this aspiration proved too ambitious. Iraqi
       production reached four million barrels per day in 2015. In
       2018, it only reached 4, 8 million. And in 2021, Iraq produced
       less oil than in 2020. Iraqi problems have proliferated.
       From the beginning, it was clear that large companies were Phone
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       about what could be achieved in southern
       Iraq and were frustrated by the conditions of technical services
       contracts. In 2011, ExxonMobil signed an agreement with the
       Kurdistan Regional Government that led the Iraqi government to
       issue an ultimatum so that Standard Oil's largest direct
       descendant would have to choose between its contracts in
       Kurdistan and the rest of Iraq. The impasseled ExxonMobil to
       sell part of its stake in West Qurna to PetroChina and
       Indonesia's Pertamina.
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       The drop in prices in the second half of 2014 and the rise of
       the Islamic State in the same year compounded the difficulties.
       With much of its territory absorbed by the new caliphate and its
       revenues plummeting, the Iraqi state found itself under siege.
       the creation of opec+ raised prices, but the new cartel also
       left Iraq with stricter production quotas for which the Iraqi
       government had to compensate the big oil companies without
       having the budgetary means. Although the Iraqi government
       declared the Islamic State territorially defeated in 2017, the
       terrorist organization's attacks on oil facilities continue,
       while other acts of violence against headquarters of Western
       companies have also increased.
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