Iraq Opens Oil Fields to International Firms
Check out these two articles from the New York TImes on the recent opening of oil fields in Iraq. This article from December discusses the second round of bids that happened a few weeks ago. The second article is from last June, which discusses the impact of opening the fields to foreign investment.
Iraq's economy has historically been supported by massive oil exports, accounting for about 95% of its foreign exchange earnings. Current estimates show that the production average is about 2.1 million bbl/day, totaling to roughly $23 billion and an entire third of global market share for crude oil.