Iraqi

With 115 billion barrels of proven oil, Iraq ranks second in the world behind Saudi Arabia in the amount of oil reserves. The U.S. Department of Energy estimates that up to 90% of the country remains unexplored. These regions could yield an additional 100 billion barrels. Iraq's oil production costs are among the lowest in the world, but only about 2,000 oil wells have been drilled in the country, compared with about 1 million wells in Texas alone.

Modern Iraq was created by the United Kingdom when it was carved out of the old Ottoman Empire. On November 11, 1920, it became a League of Nations mandate under British control with the name “State of Iraq.” At the end of the war, ownership of and access to Iraq's petroleum was split five ways: 23.75% each to the UK, France, the Netherlands and the United States, with the remaining 5% going to a private oil corporation. The Iraqi government got none of the nation's oil. This remained the situation until the revolution of 1958.