On Christmas Eve, the oil arm of Russian...

Badra, in eastern Iraq near the Iranian border, has reserves of 109 million barrels (bbl) of oil. West Qurna is believed to hold 11-15 billion bbl of recoverable reserves and have a production potential of 0.8-1.0 million barrels per day (bpd).

Russian companies invested huge funds in Iraq in the late 1990s, and the auctions the Iraqi government has recently held show that the United States and Britain have not taken over all of its oil reserves, as some experts thought they would.

The oil situation in any country, but especially in Iraq, always has geopolitical and geo-economic sides to it. If not for this, the outcome of the December round of oil auctions in Iraq (the first one was held in November) would have been a sensation.

Unfortunately, each barrel of Iraqi oil, even if not produced yet, includes many negative elements, especially for oil producers. The OPEC countries are dismayed at Iraq"s oil revival, and even the oil companies that have gained access

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