The key to all this seems to be the PSAs - Production Sharing Agreements - not that you hear about them in the Western media. They seem to basically be a cast-iron legal way for the wealth of the Iraqi oil to flow into the hands of the Western Big Oil companies, for the next 40 years, or until the oil has all gone, in other words. There's a good overview here:
http://www.atimes.com/atimes/Middle_East/HD11Ak01.html
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