Iraq: the new hope for oil supply security?

Since the beginning of the year, Iraq has remained firmly in the headlines as the next new hope for global oil security after a raft of corporates from around the world signed on the dotted line with the Iraqi government and its incumbent oil companies to develop oil fields for domestic consumption and export.

If all the developments go to plan, an extra 7–10 million barrels per day (b/d) could be produced by Iraq within the next decade. Many market watchers believe this extra supply will be