What's going on with Iraq's oil?

[TNDemo]

Is it getting pumped and where is it going? And who owns it?

[jody]

1. Iraq could have largest oil reserves in the world

Iraq could have largest oil reserves in the world

Iraq dramatically increased the official size of its oil reserves yesterday after new data suggested that they could exceed Saudi Arabia’s and be the largest in the world.

The Iraqi Deputy Prime Minister told The Times that new exploration showed that his country has the world’s largest proven oil reserves, with as much as 350 billion barrels. The figure is triple the country’s present proven reserves and exceeds that of Saudi Arabia’s estimated 264 billion barrels of oil. Barham Salih said that the new estimate had been based on recent geological surveys and seismic data compiled by “reputable, international oil companies . . . This is a serious figure from credible sources.”

The Iraqi Government has yet to approve a national oil law that would allow foreign companies to invest. Mr Salih said that the delay was damaging Iraq’s ability to profit from oil output, robbing the country of potentially huge revenues. With oil selling for more than $125 dollars a barrel and demand rising, Mr Salih is frustrated that Iraq still struggles over the establishment of a regulatory framework. “There is a real debate in the Government and among political leaders about the type of oil management structures we should have. I am for liberalising this sector and allowing the private sector to come in to develop these vast resources.”

BP, Exxon Mobil, Chevron, Royal Dutch Shell and Total have been queuing for rights to exploit Iraqi reserves. Mr Salih confirmed that Iraq was negotiating the outlines of two-year deals with some of the companies. He was optimistic that a draft law could be approved in the near future.

Iraq’s oil reserves could be worth over $40 TRILLION to the companies that get the contracts and their investment will be protected by the U.S. regardless of which party controls the White House.

[dmosh42]

3. That's what Bush & co want-the multi-nationals to control...

their oil. But many Iraqi's want a nationalized oil co, like the Saudis and Venezuela. They know all Bush's buddies are crooks.

[Smarmie Doofus]

2. Kick nt

[dipsydoodle]

4. Go here and read this for a perfectly plausible hypothesis.

I'd kept this chestnut from March last year :

Missing Oil Meters and the IPSA pipeline - the real reason for the Iraq war?

In this article I will present research that supports a rather startling hypothesis: that the USA invaded Iraq primarily to enable the secret diversion of a portion of Iraq’s oil production to Saudi Arabia. This was done in order to disguise the fact that Saudi Arabia’s oil output has peaked, and may be in permanent decline. The evidence for this conclusion is circumstantial, but it does knit up many of the loose threads in the mystery of the American administration’s motivation for invasion.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=503509&mesg_id=503509

Much appreciated GliderGuider and that's why I kept it.