Iraq looks to spectacular oil boom to revive its political fortunes - Middle East, World - The Independent

The map of the world's main energy suppliers is about to change as Iraq's oil output quadruples over the next 10 years according to new forecasts. Iraq will eventually displace Saudi Arabia as the world's biggest exporter, experts predict, giving Baghdad crucial influence over the future price of oil.

The rush to exploit Iraq's "super-giant" oilfields, of which it has the largest concentration in the world, has gathered impetus with unexpected speed in the wake of BP's disaster in the Gulf of Mexico which has raised fears over deep-sea drilling. Iraq's oil has the advantage of being both onshore and cheap to develop.

The intensifying political isolation of Iran, and the latest moves by the UN Security Council to target the Islamic regime with increasingly tough sanctions in a bid to prevent its development of nuclear weapons is a second key factor influencing Iraqi production. Iran may have unexploited reserves, but its oil output is expected to fall significantly as its old oilfields are depleted and not replaced.