Exxon inks deal to develop Iraqi oilfield

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Western Oil Majors Sign Deal To Develop Iraqi Oilfield With Reserves Of 8.7 Billion Barrels
http://www.rttnews.com/ArticleView.aspx?Id=1119274

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Hmmm. An increase to 4-5 million BPD over 7-10 years. The key will be rates of decline by other producers and rates of demand increase by developing countries. If both those trends go the wrong way we'll have BAU and spiking prices no matter what.

Best case, if it doesn't extend the peak plateau, at least it will soften the downward slope somewhat.

Reading Klare's Blood and Oil, bringing Iraq online with a substantial US presence in place was a geopolitical goal from the start. Too bad the entire conversion (war, new constitution, new government, new oil ministry, new development contracts) took much longer than imagined by the planners. If things had gone according to plan, there might not have been an oil shock. We'll see what the future brings.