Clearly good news for Iraq

Iraq's revival boosted as oil production rises to 2.4m barrels a day - Times Online:

Oil production in Iraq is at its highest level since the US-led invasion of 2003, reaching 2.4 million barrels a day, thanks largely to improved security measures in the north.

The country’s Oil Ministry will shortly invite international oil companies to bid for contracts to help Iraq to boost output at its investment-starved “super-giant” oilfields. Production is expected to pass the prewar level of 2.6 million barrels by the end of the year, and Hussain al-Shahristani, the Iraqi Oil Minister, told The Times that he expected production to reach six million barrels a day within four years.

The International Monetary Fund predicts that Iraq’s economy, boosted by rising oil revenues, will grow by more than 7 per cent this year, compared with 1.3 per cent last year.