Iraq oil up end-’07, sketchy ‘08 … Update on South Korea backlash

Iraq's oil sector ends 2007 on a relatively upbeat note, with production at levels not seen since before the war. But the year had more downs than ups, and sustaining success through next year is far from guaranteed.

Iraq averaged production of 2.4 million barrels per day in November, according to the global energy information firm Platts. That's nearly a half million more than the post-2003 average. Oil exports, around 1.9 million bpd, fund nearly the entire federal budget.