The Role of Oil in the Reality Economic and Political Future of Iraq

The research aims to reveal more information about Iraq's oil and Iraq's future role in the global oil market through its membership in OPEC, and the development of this relationship in light of the OPEC agreement. The importance of the research comes from the recent data related to Iraq's oil, and the strong correlation between the role of oil in the Iraqi economic and political scene before and after 2003. The research consists of four sections, a conclusion, results, and recommendations. The most significant conclusions suggest transferring oil revenues to a larger and more diversified economic activity for Iraq. It calls for activating the key sectors, diversifying the economy, and increasing its refining capacity. As well as "creating an appropriate legislative environment for the economic institutions after approving the Federal Oil and Gas Law, and considering seriously finding alternatives to the current oil export pipelines, especially that passing through the Turkish territory to the Mediterranean. Moreover, reviving the Iraqi oil export pipeline going through Saudi Arabia to the Red Sea, besides completing the Basra-Aqaba pipeline through Jordan.