Iraq Oil Report's Daily Brief compiles the most important news and analysis about Iraq from around the web.

KRG oil: risk and reward

In this part of Iraq, the hillsides sweat oil. Without any coaxing, the sticky black treasure oozes from the layered rock and gathers in pools that bubble as dissolved gases surface. Gradually, as the crude slips down the hillsides, it solidifies into a grey mass that resembles a hardened lava flow.

Tom Bergin reports for Reuters it's a good metaphor for the progress of oil from the semi-autonomous Iraqi region of Kurdistan over the past five years: big on promise, small on delivery.