For the first time since 1972 (when Iraq nationalised its oil industry) foreign oil companies are to be allowed back into Iraq. The first successful bidder will be annouced at the end of this month. Iraq ranks third in terms of its oil recerves, after Saudi Arabia and Iran - but it produces a relatively small amounrt of oil each day. Given that Iraq's oil is amongst the easiest to extract, modernisation of its oil industry, if it happens, is likely to have a major impact on the economics of oil globally.
