Iraq's oil is flowing a bit more freely


Welling up

Aug 15th 2008

IRAQ'S oil production averaged over 2.4m barrels a day in the second quarter, the highest level since America invaded in 2003. This should boost the country's oil revenues to around $80 billon this year and production should keep on rising as security improves. Iraqi oil is cheap to extract and there are probably new fields to be found. But political uncertainty is hampering the investment needed to overhaul exitisng infrastructure and oilfields that might dramatically boost output in near future.