Iraq Wants to More Than Double Its Oil Output in Six Years. Here's What It Means for Chevron.
Iraq wants to become an even bigger player in the global oil market.
Overview
Iraq has a bold ambition for its oil industry. The country recently sent a delegation to Saudi Arabia seeking a higher production quota from OPEC, aiming to boost its output to between 8 million and 10 million barrels per day (bpd) within the next six years. That's more than double the 4 million bpd it produced before the war with Iran slowed oil flows through the Strait of Hormuz.
This move could have a major impact on Chevron (NYSE:CVX), which recently signed memorandums of understanding (MOUs) with the Iraqi government to enter two oil fields in the country. Here's a look at the leading role Chevron could play in Iraq's oil resurgence.
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Originally published at www.fool.com.