In the article the authors consider economic and political aspects of restoration and development of the oil industry in Iraq and make a brief historical analysis of it. It’s emphasized the role of political factors in the history of the development of the oil sector in the country. The article deals with the current situation in the oil industry of Iraq, and also the prospects and forecasts of development of it. It’s emphasized the idea that the oil export is one of the most important directions of Iraq's oil policy, which has a high degree of flexibility. It is noted that currently, the speedy recovery of Iraq and its oil industry depends on international companies. However, it is emphasized that there are established a lot of state-owned oil companies in recent decades in Iraq, which are working successfully in the global market. Authors consider the activity of one of them, a marketing company SOMO.

global oil market, oil industry of Iraq, Iraq's oil policy, reform of the oil industry, oil company of Iraq, price risks, futures contracts