Iraq and China ready to re-sign oil deal
Iraq sits on 115 billion barrels of oil, the world’s third-largest reserves, but violence and sabotage have crippled efforts to use the resource to fund the country’s reconstruction.
Iraq is trying to bring in foreign companies to help increase crude output from the present 2.5 million barrels a day to 3 million barrels a day by the end of 2008, and 4.5 million barrels a day by the end of 2013.
