Shaways: Oil is the backbone of Iraq's economy, it is the base for the country's reconstruction, economic prosperity 18/06/2013 21:40:00

Baghdad (NINA) – Deputy Prime Minister, Nuri Shaways, said that Oil is considered the backbone of Iraq's economy and the base for the country's reconstruction and its economic prosperity. A statement issued on Tuesday, June 18, by the Deputy Prime Minister's Office said that Shaways headed the Iraqi delegation to Iraq's Oil Conference being held in London, attended by representative for the British Government and many companies in the oil industry and energy, as well as executives and investors. In his speech at the opening of the Conference, Shaways said, "Oil is considered the backbone of Iraq's economy, and the base for its reconstruction and its economic prosperity; Iraq is considered one of the important sources of oil and comes second in oil production after Saudi Arabia, of the Organization of Petroleum Exporting Countries (OPEC). He added that Iraq produces about 3.13 million barrels a day exporting 2.6 million barrels a day; is expected to increase its production ceiling, by the end of current year, up to 3.4 million barrels a day, by the end of the year, with an increased export up to 2.9 million barrels a day. Shaways went on saying that recently, Iraq has launched a National Energy Strategy, which includes developing the energy sector to vitalize the economy and create work opportunities that would make Iraq a major player in the world's market. / End. http://www.ninanews.com/english/News_Details.asp?ar95_VQ=GIHGKM