This study examines how Iraq’s oil and natural gas policies and domestic political developments will impact global energy markets. The Baker Institute investigates the implications for U.S. and Japanese energy security and global geopolitics and also considers potential areas for U.S. and Japanese cooperation on Iraq policy. Attention is given to how trends in Iraq’s policies will affect U.S.-Iraqi relations and the level of involvement of the U.S. and other international oil industry in Iraq’s domestic oil and gas sector, including in the development of export oriented infrastructure and strategies. The impact of internal political and geological trends in Iraq on international oil markets in the coming decades is examined, including details of Iraq’s oil export strategies and plans for export infrastructure development. Researchers assess Iraq’s long term goals inside OPEC and how its ambitions might influence OPEC policies in the longer term. Discussion includes analysis of how Iraq’s export ambitions will influence its relations with Iran and with the major oil producing countries of the Gulf Cooperation Council (GCC).