The Oil Drum has a good post on the future of Iraq oil production. Last year, Leonardo Maugeri introduced people to the idea of an oil revolution. Perhaps his best argument for such a revolution is price motivation and the behavior of the oil industry (perhaps a result of price motivation).
Many of the top dogs in energy analysis (IEA, EIA, etc) are predicting a surge in Iraq oil production over the remainder of this decade. The future production estimates range somewhere between 6-12 million barrels per day. These projections are restricted by any number of political and economic factors - especially concerning a recent increase in violence. And in almost all cases, Iraq oil exports are seen flowing to Asia, and China specifically.
The projections of oil exports going to China is in-line with some of the more pure economic-oriented claims for the Iraq war, and continued growth in oil consumption is in-line with Michael Pettis' thesis that China will have to transition its economy to a service based economy. This he argues, must be accompanied by reduced consumption of concrete, steel rebar and copper - at least the hoarding thereof. An increase in the consumption of oil I think will be a significant part of that transition, as well as job-creating environmental reform.