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Will new oil contracts increase Iraq's sectarian chaos?
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Iraq has opened international bidding for six oil fields that could boost the country's oil production by 1.5 million barrels per day. After 36 years Iraq has allowed foreign oil companies to do business inside its borders. Under short-term agreements the companies would be paid a fee for extracting the oil, but would not get a share of the revenue from oil sales. What does it mean in terms of the fuel crisis if Iraq can increase its oil production?
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Published: Tuesday, 01 July 2008, 02:24 PM Mecca time, 11:24 AM GMT
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