Iraq is a significant producing state with major potential, although its ability to realize this has been hampered by war and political instability, not to mention limited investment during the period of UN sanctions. Oil production has struggled to reach above 2 to 2.5 million b/d since the invasion of 2003, from a high in the late 1970s of 3.5 million b/d. The country is a member of OPEC but is not bound by quotas at the current time. Gas potential has still to be realized, despite although production has been setback by lack of investment, conflict and attacks on infrastructure.
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