Where the hell is the Iraqi oil, and why aren't they pumping it out of the ground like there's no tomorrow? By the way, did I read that Iraq is still a member of OPEC? Who allowed this?
Iraq is producing basically at capacity. The problem is their infrastructure is in far worse shape than anyone thought, and is pretty much having to be rebuilt. It will take a while to increase production.
The pipes and other structural parts are in disrepair and security against bombings is lousy. We haven't done a good job at all of getting their oil industry working as well as it could.
Professional Saudi and Iranian saboteurs selectively blowing Iraqi pipelines - a profit-maximizing strategy since they are competitors in the same market.
Because the pipe lines go boom every single day.