Iraq Looking to Overtake Saudi Arabia in Oil Production

Of course with Al Qaeda out there they must remain vigilant against terror attacks like the massacre that occurred last week. More to the point of they become the Middle East's top oil producer that would mean a functioning Democracy, not the Saudi Monarchy would become the dominat player in the Middle East.

BAGHDAD (Reuters) - Iraq, emerging from the shadow of war, expects to boost its oil output to rival the level of top producer Saudi Arabia after awarding some of its most attractive oilfields to global oil companies this week.

By the end on Saturday of a two-day bidding round for 10 oil contracts -- the second auction since the 2003 U.S. invasion -- Iraq had received pledges from oil firms to boost its output by 4.765 million barrels per day, almost double its current output.

If all deals from a first auction in June, the second this weekend and others being negotiated are added to national production, Iraq will have a capacity of 12 million barrels per day, overtaking Russia and challenging Saudi Arabia's 12.5 million bpd, Oil Minister Hussain al-Shahristani said.

Good Luck.