Iraq has the worlds second largest proven oil reserves. According to oil industry experts, new exploration will probably raise Iraqs reserves to 200+ billion barrels of high-grade crude, extraordinarily cheap to produce. The four giant firms located in the US and the UK have been keen to get back into Iraq, from which they were excluded with the nationalization of 1972. During the final years of the Saddam era, they envied companies from France, Russia, China, and elsewhere, who had obtained major contracts. But UN sanctions (kept in place by the US and the UK) kept those contracts inoperable. Since the invasion and occupation of Iraq in 2003, much has changed. In the new setting, with Washington running the show, friendly companies expect to gain most of the lucrative oil deals that will be worth hundreds of billions of dollars in profits in the coming decades.
Posted on: Thu, 28 Aug 2014 08:35:01 +0000
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