Oil shortage a pressing issue for Iraq’s economy

This week marks two years since the invasion of Iraq, and although the country is free from the oppression it suffered under Saddam Hussein’s dictatorship, big economic challenges remain as Iraqis work to rebuild their war-torn country.

One of the country’s most pressing challenges is a lack of crude oil, which is unusual for a nation with oil reserves second only to neighboring oil-producing giant Saudi Arabia.

In theory, with its vast reserves of oil — some 155 billion barrels — the country should be able to supply much of the world’s demand for oil, never mind its own needs.