Is Iraq on collision course with OPEC?

OPEC has done a solid job of countering the global recession and resurrecting crude oil prices in recent months, but the successful implementation of Iraq’s oil development plan could complicate the cartel’s efforts for relatively high and stable prices in the coming years.

Iraq has huge, low-cost oil potential. It has the world’s third-largest proven conventional oil reserves, at about 115 billion barrels, compared with 138 billion barrels for Iran and 264 billion barrels for Saudi Arabia. Of Iraq’s 78 identified oil and gas fields (mostly oil), six are super-giant oil fields (at least five billion barrels of ultimately recoverable oil) and 17 are giants (between 500 million and five billion barrels); only 15 of the 78 fields are currently producing.
Canada.com