|Iran, Iraq plan to join forces to become world's new oil superpower||
And Iraqi ministers are helping their Iranian counterparts to attract investment in oil ahead of the possible lifting of international sanctions imposed on the country.
Hussain al-Shahristani, Deputy Prime Minister for Energy in Iraq, told a conference in London: "We feel the world needs to be assured of fuel for economic growth.
"Iran has been in touch with us. They want to share our contracts model and experience."
The ambitious plan could see Iraq clash with Saudi Arabia - which pumps 9.8m barrels per day and uses its influence in OPEC to keep oil prices above $100 a barrel.
And if Iraq and Iran decide to sell more crude on the open market rather than stick to OPEC’s quotas, the price of oil could plummet - potentially leading to lower petrol prices.
The combined oil reserves of Iraq and Iran are greater than that of Saudi Arabia - the world’s second largest producer of crude after Russia.
Oil companies are understood to be lining up to win Iranian oil deals if sanctions imposed by the U.S. and EU are eased.
Experts warn that, if the plan is to be successful, both Iran and Iraq would need massive investment in pipelines and ports to export its crude oil.
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