Oil giants BP and Shell yesterday signed two of the first long-term contracts to secure Iraqi oil. ChevronTexaco and ConocoPhillips are also believed to have won contracts. Under the deal, Iraq will export 20 million barrels of oil a month.

Meanwhile the Wall Street Journal reports net profits at the Royal Dutch/Shell Group have increased by 82 percent over the past year. The oil giant made $8.2 billion between January and July.