How much oil is the world getting from Iraq? I friend of mine says, "very little."?

Answer 1

Very little is right...makes you realize this isn't about oil...it's about freedom and justice.

Answer 2

Iraq is the has about the fifth of the worlds oil reserves and its all being shipped to the US. If that is "a little" then I dont know what big is. Put it this way. Iraq alone can supply the US with all the oil it needs every day till the oil runs out on the planet earth. Why do you think Bush invaded. To import democracy? It is useful to find facts.

Answer 3

Your friend is correct at the present time. However, the U.S.A. has unconstitutionally and illegally invaded Iraq because it covets all that OIL swimming in Iraqi sands. If we're really to believe that our intent is to 'bring democracy' to Iraqis, then WHY are we building the largest embassy in the world on a 104-acre site in downtown Baghdad overlooking the 'new' Iraqi puppet government installed by the Bush administration??
Once we 'win' the 'war', we will suck every drop of OIL out of Iraq, which has the second largest reserves of OIL in the entire world.
We are destroying that sovereign nation without any justification other than the Bush family's personal vendetta against Hussein; Dick Cheney's lust for all that OIL; and the giant U.S. military-industrial complex need to boost its profits with yet another 'war'. We are in Iraq for OIL and WAR PROFITEERING - nothing else. We have no high moral grounds for killing hundreds of thousands of Iraqi citizens and 3,300 American soldiers. The Bush parasites are nothing more than corrupt greedheads who will pay any price (in human lives) just so they can feed America's addiction to cheap, easily-accessible foreign OIL and they can accumulate more money for themselves and their wealthy elitist friends. -RKO- 05/03/07

Answer 4

That is correct. Iraq has huge amounts of oil underground, but for the most part this resource is undeveloped.

Answer 5

I heard a story that the USA has skimmed off around $1.2 trillion's worth of Iraqi oil since the invasion, but I don't know if it is true.

Answer 6

Your friend is right. Most of the worlds oil comes from Saudi Arabia, and Alaska.

Answer 7

I think that your question should be more like " How much are the coalition nations paying for the oil extracted from the iraqi oil fields, now, and in the future"........
......i think the answer would be........."not a lot".....

and lets not mention Iran....eh...

Answer 8

Hi There

Hope this answers your question

Future of Iraq: The spoils of war
How the West will make a killing on Iraqi oil riches
By Danny Fortson, Andrew Murray-Watson and Tim Webb
Published: 07 January 2007
Iraq's massive oil reserves, the third-largest in the world, are about to be thrown open for large-scale exploitation by Western oil companies under a controversial law which is expected to come before the Iraqi parliament within days.

The US government has been involved in drawing up the law, a draft of which has been seen by The Independent on Sunday. It would give big oil companies such as BP, Shell and Exxon 30-year contracts to extract Iraqi crude and allow the first large-scale operation of foreign oil interests in the country since the industry was nationalised in 1972.

The huge potential prizes for Western firms will give ammunition to critics who say the Iraq war was fought for oil. They point to statements such as one from Vice-President Dick Cheney, who said in 1999, while he was still chief executive of the oil services company Halliburton, that the world would need an additional 50 million barrels of oil a day by 2010. "So where is the oil going to come from?... The Middle East, with two-thirds of the world's oil and the lowest cost, is still where the prize ultimately lies," he said.

Oil industry executives and analysts say the law, which would permit Western companies to pocket up to three-quarters of profits in the early years, is the only way to get Iraq's oil industry back on its feet after years of sanctions, war and loss of expertise. But it will operate through "production-sharing agreements" (or PSAs) which are highly unusual in the Middle East, where the oil industry in Saudi Arabia and Iran, the world's two largest producers, is state controlled.

Opponents say Iraq, where oil accounts for 95 per cent of the economy, is being forced to surrender an unacceptable degree of sovereignty.

Proposing the parliamentary motion for war in 2003, Tony Blair denied the "false claim" that "we want to seize" Iraq's oil revenues. He said the money should be put into a trust fund, run by the UN, for the Iraqis, but the idea came to nothing. The same year Colin Powell, then Secretary of State, said: "It cost a great deal of money to prosecute this war. But the oil of the Iraqi people belongs to the Iraqi people; it is their wealth, it will be used for their benefit. So we did not do it for oil."

Supporters say the provision allowing oil companies to take up to 75 per cent of the profits will last until they have recouped initial drilling costs. After that, they would collect about 20 per cent of all profits, according to industry sources in Iraq. But that is twice the industry average for such deals.

Greg Muttitt, a researcher for Platform, a human rights and environmental group which monitors the oil industry, said Iraq was being asked to pay an enormous price over the next 30 years for its present instability. "They would lose out massively," he said, "because they don't have the capacity at the moment to strike a good deal."

Iraq's Deputy Prime Minister, Barham Salih, who chairs the country's oil committee, is expected to unveil the legislation as early as today. "It is a redrawing of the whole Iraqi oil industry [to] a modern standard," said Khaled Salih, spokesman for the Kurdish Regional Government, a party to the negotiations. The Iraqi government hopes to have the law on the books by March.

Several major oil companies are said to have sent teams into the country in recent months to lobby for deals ahead of the law, though the big names are considered unlikely to invest until the violence in Iraq abates.

James Paul, executive director at the Global Policy Forum, the international government watchdog, said: "It is not an exaggeration to say that the overwhelming majority of the population would be opposed to this. To do it anyway, with minimal discussion within the [Iraqi] parliament is really just pouring more oil on the fire."

Vince Cable, the Liberal Democrat Treasury spokesman and a former chief economist at Shell, said it was crucial that any deal would guarantee funds for rebuilding Iraq. "It is absolutely vital that the revenue from the oil industry goes into Iraqi development and is seen to do so," he said. "Although it does make sense to collaborate with foreign investors, it is very important the terms are seen to be fair."

Answer 9

your friend is right, so what was the war for? it was a complete waste of time, cos america and uk both thought they would get zillions of oil out of it. shame on them!!

Answer 10

your friend could be right but someone somewhere has decided it's worth sacrificing lives for he knows who he is