Reports noted that Iraq’s government was likely to earn about $70 billion in oil revenues in the current year. The possibility of its potential revenues increasing beyond that remained as it had not yet maximized its operational capacity. In June, Exxon Mobil, Shell, Total, BP and Chevron won no-bid contracts to help revive existing oil fields. They had weathered competition from more than 40 other companies, including companies from Russia, China and India. Winners of the present lucrative contracts would be announced in 20091.

• 1. “Iraq Close up: Following the Oil Money,” The New York Times, July 8, 2008, at http://baghdadbureau.blogs.nytimes.com/2008/07/08/iraq-closeup-following...