Q+A-Iraq's Oil Contracts, Scale And Obstacles -- Reuters
DUBAI, Oct 16 (Reuters) - Iraq is close to finalising deals at three of its largest oilfields that could nearly triple output and make it the world's number three producer after Russia and Saudi Arabia.
How big are the deals?
The potential increase in oil output from the three deals is around 4.5 million barrels per day (bpd), which would nearly triple Iraqi output to around 7 million bpd from around 2.5 million bpd.
The increase is around 5 percent of global oil supply. It is enough oil to supply nearly a quarter of daily U.S. consumption, or more than half of China's.
Read more ....
My Comment: Two things go through my mind when I read a story like this one. (1) Saddam Hussein was one incredibly greedy monster. He built his palaces while much of Iraq's population lived in poverty while sitting on this incredible wealth.
(2) Iraq (and U.S.) leaders better not screw this up. Too much is dependent on what Iraq can bring to world oil markets .... any disruption will only bring misery and a prolongation of the present worldwide recession .... as well as greater misery and suffering for the Iraqi people.
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