US Seeks to Capitalize on Iraq's Oil Boom Amid Middle East Turmoil

The U.S. is leveraging its position in Iraq to benefit from the country's planned increase in oil production, which is expected to reach between 8 million and 10 million barrels per day within six years.

Despite the ongoing conflict in the Middle East, Iraq remains one of the biggest oil prizes in the world, with an estimated 145 billion barrels of proved crude oil reserves. The U.S. has been working to neutralize Russian and Chinese influence in the country, which had previously held sway over northern Iraq's oil sector.

ConocoPhillips has agreed to acquire a 42% interest in BP Energy Company of Kirkuk Limited from British oil and gas supermajor BP, supporting the redevelopment of five producing oil fields in the Kirkuk area. This is expected to increase crude oil production to at least 450,000 barrels per day within two to three years.

Chevron is also moving forward with two of southern Iraq's largest oil fields, including the supergiant West Qurna 2 field, which has roughly 14 billion barrels of reserves in place. The ultimate target of 1.13 million barrels per day may appear high, but it is justified by US geologists and international oil companies.