War & Squabbling stops oil

Iraq has the largest untapped reserves in the world.

Yet thanks in part to three wars, and the combination of international sanctions and a government that opposed foreign investments — and the technological improvements they bring — over the past couple of decades, Iraq has the lowest reserve-to-production ratio of all major oil-producing countries.

Norway and Russia can’t agree on borders in the northern sea. Pirates and border conflicts stall oil development in the South China Sea. But Libya has opened its doors. From a Geotimes summary report, ‘Oil Around the World