Iraq oil fields set to replenish world supply

The surging price of oil may soon start to turn around, thanks to the Iraqi Government.

Some of the world’s largest oil companies are set to return to Iraq, 36 years after Saddam Hussein nationalised the industry and expelled them.

Now Exxon Mobil, Shell, Total, BP and Chevron are negotiating with Iraq’s oil ministry for contracts to service the country’s largest oil fields.

This comes as oil producers and consumer representatives gather in Saudi Arabia to discuss ways of stabilising the oil price, and as China overnight did its part by reducing its subsidies.

ABC