The New Iraqi Crude

On a day in which the only news coming out of Iraq was a higher than average death toll, The Daily Telegraph reported that the conflict had begun producing something other than body counts. Almost exactly five years after the country was first invaded, a British government official told the London newspaper that he expected foreign oil companies will now "get their first deals in Iraq before the end of the month," specifically, contracts to access the ten percent of global oil reserves owned by the Iraqi government. Anticipating deals with American, UK, Dutch and Australian companies to service the country's five major oil fields, it is estimated that Iraq could produce as many as ten million barrels daily under the right circumstances. Heavily surveyed over the course of the past five years of military occupation, British firms such as BP told the Telegraph they feel confident of their ability to exploit the Arab country's immensely rich natural resources.

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