The unexpected increase in tight oil production in the US explains why the oil price has plummeted from around US$110 per barrel in 2013 to roughly US$85 per barrel in recent months.

As Iraq's political and security situation gradually becomes more stable and safer, the country's rich oil and gas resources will increasingly draw the attention of international oil companies. This article evaluates the geological inventory of Iraq's oil and gas fields, linking the progress and problems of the past to the prospects of the future.