Iraq, one of the world's top OPEC producers announced a landmark agreement with China: it will provide 100,000 barrels per day (bpd) of oil in exchange for work which will provide essential infrastructure projects Chinese firms.
The "oil-for-construction" agreement which was agreed upon by Iraqi Prime Minister Adil Abdul Mahdi outlines assistance with rebuilding roads, homes, ports, schools, hospitals, water dams, energy, transport and a multitude of related projects, "Iraq is counting on this oil-for-construction agreement to rebuild its infrastructure and speed up the development process."