The hydrocarbon bill that the Iraqi government has just approved but which has yet to be ratified by Parliament is generally portrayed as a major step forward on the road towards the conclusion of several major exploration-production agreements with foreign partners and a recovery in the country's oil production,which has fallen from 2.5 million b/d before the war unleashed in March 2003 to an average of 1.9 million b/d in 2006 and only 1.65 million b/d in January this year.
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