Iraq Oil Outlook Overly Ambitious

A delegation from the International Energy Agency spent two days in Baghdad speaking with high-ranking officials in preparation for an end-of-year report on the country's oil sector. By some estimates, Iraq could hold some of the largest oil reserves in the world and an international auction for oil and natural gas blocks is planned for May. Without a hydrocarbon law, and considering the fractured political system, the IEA's report may be more about political obstacles than oil potential, however. Baghdad announced triumphantly this week that…

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