Oil companies such as Exxon Mobil Corp. (XOM), the world's largest publicly traded oil company, have reported profits and earnings that have been stoked by increased gasoline prices. Exxon reported a second-quarter profit of $10.36 billion, its second-highest quarterly figure.
Royal Dutch Shell plc (RDS-B), the second-largest oil company in Europe, reported second-quarter profits up nearly 40%, reaching $7.32 billion. While BP PLC (BP), a British oil company reported a 30% increase in its second-quarter profits, to $7.26 billion.
During a visit to Washington, Iraq's oil minister, Hussein al-Shahristani, offered a glimmer of hope for some slight relief in the future, telling U.S. energy officials and oil company executives that he expects Iraqi oil production to double during the next four years, reaching about 4 million barrels a day. The country currently produces less than 2 million barrels a day, compared to prewar levels of 2.5 million to 3 million barrels a day.
In talks with executives from oil companies such as Exxon Mobil, Chevron, Shell and BP America, Shahristani gave what U.S. officials described as an optimistic view of the future of Iraq's oil industry, states this WashingtonPost.com article.
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