Question: “How rich is Iraq?” …The world proven oil reserves, and Iraq 12%. If oil in the ground is money in the bank, Iraq is wealthy. Iraq can produce 2 billion barrels per year. At $100 per barrel, that oil would sell for $200 billion…If Iraq sells a quarter of its potential reserves at an average price of $100 for the next 20 years, that would generate 90 billion x $100 = $9 trillion…If Iraq invests only a quarter of its oil revenue for the next 20 years, it will match current US productive assets per capita…These calculations do not include natural gas revenue, lately about equal to oil revenue. Also, most of Iraq has not been explored for gas or oil…By this I’d guess…filthy rich. Keep in mind this is only oil.
