Oil in Iraq

What is happening to any oil that's being pumped out of Iraq now?

Who is getting the money for it?

I would guess that the US is bulk-buying Iraq's oil at an artificially reduced rate, to pay for reconstruction programmes, and then re-sold at market value, making huge profits for someone somewhere

(I say 'guess' because we're highly unlikely to find out just what is really happening, and where all those missing billions in reconstructuion funds have gone)