“Iraq was the worlds 13th largest oil producer in 2008, and has the worlds third largest proven petroleum reserves after Saudi Arabia and Canada. Just a fraction of Iraqs known fields are in development, and Iraq may be one of the few places left where vast reserves, proven and unknown, have barely been exploited. Iraqs energy sector is heavily based upon oil, with approximately 94 percent of its energy needs met with petroleum. According to the International Monetary Fund, crude oil export revenues represented over 75 percent of GDP and 86 percent of government revenues in 2008.”
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