According to the New York Times, it appears the biggest beneficiary of the post-Iraq War oil boom is China.
The article states that China is already buying half of the oil output Iraq currently produces, and is looking to grab an even bigger share. More importantly, the article states the following:
Notably, what the Chinese are not doing is complaining. Unlike the executives of Western oil giants like Exxon Mobil, the Chinese happily accept the strict terms of Iraq’s oil contracts, which yield only minimal profits. China is more interested in energy to fuel its economy than profits to enrich its oil giants.So in essence, we went to Iraq to topple Saddam Hussein so China could benefit from all the oil that was underground there? And on top of that, we're providing security for all that oil to go to China. Way to go Bush administration! (sarcasm)
Chinese companies do not have to answer to shareholders, pay dividends or even generate profits. They are tools of Beijing’s foreign policy of securing a supply of energy for its increasingly prosperous and energy hungry population. “We don’t have any problems with them,” said Abdul Mahdi al-Meedi, an Iraqi Oil Ministry official who handles contracts with foreign oil companies. “They are very cooperative. There’s a big difference, the Chinese companies are state companies, while Exxon or BP or Shell are different.”