Welcome to Iraq Real Estate

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A few weeks ago there was much optimism that Iraq ’s new oil production agreements would add another 8 or 9 million b/d to the world’s production within the next five years. Many of the world’s major oil companies are committed to investing billions in Iraq ’s long neglected, but easy to find and exploit, oil fields. Baghdad is supposed to become the new Saudi Arabia of the Middle East. Most of the foreign oil companies now involved in Iraq are state-owned so are less interested in making large profits than in gaining access to Iraq i oil. The problem with these new agreements is the Kurd-Sunni-Shiite disputes which have been going on for centuries, not to mention opposition to the plan in parliament. In recent weeks, as the US has been turning over increasing security responsibility to the Iraq is, the frequency of suicide bombings has been increasing. Although some of this violence is related to the forthcoming elections, animosities run deep. There is no reason to think that the violence will not continue after the US withdrawal which is starting this year. The Iraq i elections, which will take place on March 7th, could be a major turning point in the history of post-invasion Iraq . In the meantime US contractors are warning that we should not expect a big increase in Iraq i oil production in the immediate future.