Future Of Oil Hangs On Iraqi Politics -- Meghan L. O'Sullivan, Bloomberg
Fears that events in Iraq will send global oil prices soaring have abated. Yet, the crisis has potentially huge implications for oil. Under any conceivable outcome to the current situation, oil production from Iraq will fail to meet recent expectations. The reason for this dire prognosis is that politics – not security or logistics – will be the biggest determinant of Iraq’s oil trajectory in the years ahead.
In 2012, the International Energy Agency forecast that Iraq would account for 45 percent of the growth in global oil supply from 2012 to 2035. In its projection, the IEA anticipated that Iraq would move to producing more than 6 million barrels a day in the next five and a half years, from 3.3 million barrels a day. Production at such levels would make Iraq the fourth-largest producer, after Russia, Saudi Arabia and the U.S. – assuming all increased their production along projected lines.
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My Comment: When it comes to Iraqi oil .... all bets are now off. To say that this is a disappointment is an understatement .... so much wealth .... but it is in a country that is "screwed up" because of politics, sectarianism, religion, and fanaticism.
1 comment:
The protester said "No war for oil"
Without the free flow of oil at market prices, they will freeze or queue.
They will be serfs to the oligarchs.
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