Iraq is close to signing a $ 53bn oil contract for the development of oil fields with Exxon and PetroChina in the south of the country , with possible returns of $ 500 for 2008 , according to Prime Minister Adel Abdul Mahdi . Iraq, OPEC’s second-largest oil exporter, has made no secret of its plans to considerably increase its oil production rates, despite the two OPEC+ production cut agreements, during which Iraq never really hit its allocated production quota. Iraq , who is Iraq ’s second biggest oil exporter , has previously said it will be considerably increasing its oil production rates , despite ongoing challenges and the OPEC cut agreements , so this Exxon - PetroChina contract will be a significant boost for its strategy .
Iraq is close to signing a $ 53bn oil contract for the development of oil fields with Exxon and PetroChina in the south of the country , with possible returns of $ 500 for 2008 , according to Prime Minister Adel Abdul Mahdi . Iraq , who is Iraq ’s second biggest oil exporter , has previously said it will be considerably increasing its oil production rates , despite ongoing challenges and the OPEC cut agreements , so this Exxon - PetroChina contract will be a significant boost for its strategy .