Middle East Economic Survey

VOL. LI

No 24

16-June-2008

IRAQ

Report Blasts Management Of Iraqi Oil Sector

An audit of Iraqs oil industry in 2007 by accountants Ernst & Young points to an urgent need for improvement in accounting. The report said 13.9mn barrels or 38,000 b/d of oil remained unaccounted for amid incomplete records and widespread failures on metering. The report gave ammunition to critics of Oil Minister Husain al-Shahristani who grilled him in parliament on 8 June.

A summary of the...