It was meant to be the rising tide that would lift the Iraqi economy out of years of war and sanctions, to finance reconstruction and guarantee cheap global supplies.

Yet, five years on, big oil is only just starting to move cautiously into Iraq and, despite record prices, experts caution against another false dawn of optimism. Four oil giants - Exxon Mobil, Shell, Total and BP - are to announce next week no-bid contracts to start servicing the creaking Iraqi oil infrastructure, crippled for decades by lack of investment and often targeted by insurgents. ... Read full article