Iraq has officially opened the door for foreign oil companies to invest in the country’s rich energy sector for the first time in more than 30 years.Thirty-five foreign oil majors have been invited to bid for contracts to provide technical support and help boost production in eight oil and natural gas fields.

“Two-hundred dollar oil would break the back of the global economy,” Adam Sieminski, chief energy economist at Deutsche Bank AG (DB), told Bloomberg News in an interview yesterday (Wednesday) in Tokyo. “Next step after $200 would be global recession and bad news for everybody.”