Despite claims by critics that the Bush administration invaded Iraq to take control of its oil, the first contracts with major oil firms from Iraq's government are set to go not to US companies but rather to companies from China, India, Vietnam, and Indonesia.
Iraqi lawmakers are struggling to pass an agreement on exactly how the oil revenues will be shared, a dollar amount of worth difficult to determine due to the security costs, drilling conditions, and the exact terms to be offered by Baghdad. Petroleum engineers say that Iraq's oil production, now at around two million per day, can go as high as six million barrels per day, that would make Iraq the number four producer behind Russia, Saudi Arabia, and the US.
Jimmy's Prophetic Prospective on the News
The oil production of Iraq will play a key role in the fulfillment of the prophetic scenario for Iraq found in Bible prophecy.
At the very outset of the US invasion of Iraq to overthrow the Saddam Hussein regime, critics of President Bush said that he was doing so strictly for the oil of Iraq. President Bush said that it was not the only reason for taking US military into Iraq, but if one thinks logically, that is not a bad reason for US interest in Iraq and in fact the entire Middle East. Oil has made the Middle Eastern nations very wealthy and set them on the world stage to fulfill Bible prophecy for that region.
Every major oil producer in the Middle East and Europe are listed in Bible prophecy: Russia in Ezekiel 38:2 known as Magog, Saudi Arabia in Psalm 83:6 referred to as the Ishmaelites, Iran listed as Persia in Ezekiel 38:5, and Iraq known as biblical Babylon in Isaiah 13-14, Jeremiah 50-51, and Revelation 18.
All the End Time players are on the stage of the world. They're there because of oil, and the End Times drama is about to play out.
