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IRAQ: What handover?
Posted: Sunday, June 27, 2004

The Virgin Oilfields of Iraq
When it comes to oil, Iraq is—believe it or not—largely virgin territory. Though much of the talk about rebuilding Iraqi fields focuses on bringing production back up to prewar levels of about 3 million barrels a day, Iraq is the only Middle Eastern oil power other than Saudi Arabia with huge reserves that are untapped, even unexplored. Indeed, Iraq has the potential to match the 10.5 million barrel-a-day capacity of Saudi Arabia, which is now the only producer capable of using its excess capacity to moderate world oil prices.
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IRAQ: What handover?
"Occupation ends", "Iraqis now in control". These will undoubtedly be the sort of headlines that the corporate press carries on July 1, following the nominal handover of "sovereignty" in Iraq at midnight on June 30 from Coalition Provisional Authority (CPA) head Paul Bremer to the US-appointed Interim Government of Iraq. Both formally and in reality, however, the IGI will have little power

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