ENERGY

Iraq, Russia Sign Oil Deal: Iraq will let Russian oil companies develop its untapped oil fields when U.N. sanctions against Baghdad are lifted, the Middle East Economic Survey newsletter reported. Moscow and Baghdad have signed a deal that guarantees Russian companies the right to develop the West Qurna and North Rumaila oil fields in south Iraq that will produce a million barrels of oil a day when completed. “The oil agreements with Russia are of considerable significance because they represent the first bilateral oil accords of their type signed since U.N. sanctions were imposed in August, 1990,” the Cyprus-based newsletter said.