Iraq's Petroleum-Based Plastics: What's The Proportion?

Iraq is home to over 112 billion barrels of proven oil reserves, with some estimates placing the figure as high as 220 billion barrels. The United States imported an average of 316,000 barrels of petroleum per day from Iraq in 2023, a significant increase from 2020 when the coronavirus pandemic caused a notable decline in petroleum imports. As oil is a key component in the production of plastics, it is worth exploring how much of our petroleum-based plastics originate from Iraq.

The United States imported an average of 316,000 barrels of petroleum per day from Iraq in 2023

In 2023, the United States imported an average of 316,000 barrels of petroleum per day from Iraq. This was a significant increase compared to 2020, when the coronavirus pandemic and resulting oil crisis caused a notable decline in petroleum imports.

Petroleum has a wide range of uses, including as a fuel for automobiles, ships and aircraft, as well as for heating. It is also used to make a variety of chemicals and products with industrial and commercial uses, such as plastics and asphalt.

Iraq is estimated to contain over 112 billion barrels of proven oil reserves, and there have been numerous claims of huge undiscovered reserves. The Federation of American Scientists estimates that Iraq has 215 billion barrels of undiscovered oil, while the Center for Global Energy Studies and Petrolog & Assoc claim that the country has 220 billion barrels.

The United States is a major importer of petroleum, and disruptions to the global network of oil trade can have devastating consequences for its economy.

Iraq is the least explored of the oil-rich countries, with huge undiscovered reserves

Iraq's oil reserves are estimated to be 184 billion barrels, which include oil and natural gas reserves, and undiscovered resources. As of January 2003, Iraq's proved (or remaining) reserves of oil were 113 billion barrels, ranking second in the Middle East to Saudi Arabia. Iraq also has proved reserves of 110 trillion cubic feet of gas, ranking tenth in the world.

Iraq has 6 super-giant and 11 giant fields, accounting for 88% of its recoverable reserves, which include proved reserves and cumulative production. Of the 28 producing fields, 22 have recovery factors that range from 15 to 42%, with an overall average of less than 30%. The recovery factor can be increased with water injection, improved and enhanced oil recovery methods (IOR and EOR) in various reservoirs, thus potentially increasing Iraq's reserves by an additional 50 to 70 billion barrels of oil.

Iraq's oil minister from 1987 to 1990, Issam al-Chalabi, admitted in 2003 that Iraq’s oil figures are “preliminary in nature since work was often interrupted by political problems, and the technology used is now outdated”. Large parts of the country, especially in Iraq’s Western Desert and its northwest, are still untapped and need to be explored.

The United States imported an average of 316,000 barrels of petroleum per day from Iraq in 2023. This represents a significant increase compared to 2020, when the coronavirus pandemic and resulting oil crisis brought about a notable decline in petroleum imports.

Almost all of the crude oil produced in the world is refined into other products before being used, including fuels for automobiles, ships and aircraft, as well as those used for heating. Oil is also made into a variety of chemicals and products with a wide range of industrial and commercial uses, notably plastics.

Oil is the most widely-traded energy commodity, with millions of barrels flowing daily

Oil is the most widely traded energy commodity in the world, with millions of barrels of both crude oil and refined oil products flowing daily from producer to consumer countries. Iraq is a major player in the oil industry, with proven reserves of over 112 billion barrels of oil. The country is the least explored of the oil-rich countries, and there are numerous claims of huge undiscovered reserves, with estimates ranging from 200 to 220 billion barrels of oil.

The United States is a major importer of Iraqi petroleum, with an average of 316,000 barrels of petroleum per day imported from Iraq in 2023. This represents a significant increase from 2020, when the coronavirus pandemic and resulting oil crisis caused a notable decline in petroleum imports.

Oil has a wide range of uses, including fuels for automobiles, ships, and aircraft, as well as heating. It is also used to create a variety of chemicals and products, such as plastics and asphalt. The global trade of oil is vital for both importers, who depend on oil-based fuels to run their economies, and exporting countries, where oil revenues make up a substantial part of the state budget and the overall economy.

The impact of oil on the global economy is significant, and disruptions to the network of pipelines, tankers, storage facilities, and refineries can have devastating consequences for both importers and exporters.

Oil is refined into other products, including fuels for automobiles, ships, aircraft and heating

Iraq is estimated to contain over 112 billion barrels of proven oil reserves, with numerous claims of huge undiscovered reserves. The United States imported an average of 316,000 barrels of petroleum per day from Iraq in 2023, a significant increase from 2020 when the coronavirus pandemic and resulting oil crisis brought about a notable decline in petroleum imports.

Almost all of the crude oil produced in the world is refined into other products before being used. These include fuels for automobiles, ships, aircraft, and heating. Oil is also made into a variety of chemicals and products with a wide range of industrial and commercial uses, notably plastics. Oil is the most widely traded energy commodity, with millions of barrels of both crude oil and refined oil products flowing each day from producer to consumer countries through a global network of pipelines, tankers, storage facilities, and oil refineries. Disruptions to this network can have devastating consequences for both importers and exporters.

Oil is also made into a variety of chemicals and products with a wide range of industrial and commercial uses

Oil is also used to make plastics, as well as asphalt, engine lubricants and other chemicals. Oil is the most widely traded energy commodity, with millions of barrels of both crude oil and refined oil products flowing each day from producer to consumer countries through a global network of pipelines, tankers, storage facilities and oil refineries.

Iraq is a major producer of oil, with proven reserves of over 112 billion barrels of oil, according to the Department of Energy (DOE) Energy Information Administration (EIA). In addition, since Iraq is the least explored of the oil-rich countries, there are thought to be huge undiscovered reserves there as well—to the tune of hundreds of billions of barrels. The United States imported an average of 316,000 barrels of petroleum per day from Iraq in 2023.

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