|
Iraq oil starting to come on strong
Some of the results of our efforts in Iraq.As the last remaining U.S. troops leave Iraq, oil production from the war-torn but oil rich nation is finally starting to ramp up. Oil production in Iraq hovered around 2 million barrels a day for much of the post-U.S. invasion period. But over the last year production jumped 13%, going from 2.3 to 2.6 million barrels a day, according to the U.S. Energy Information Administration. Much of that increase has come in the last few months alone, and it's part of the reason why many analyst expect Saudi Arabia to soon cut oil output. In fact, some analysts say that over the next few years Iraqi oil production could really balloon. The Iraqi's may eventually produce as much oil as the Saudis. But an increase in Iraqi oil production raises several issues, including what impact it may have on world oil prices and how all that oil money will get divided up. Rest at link. This should shift gobs of money away from other countries (like SA, Venezuela, Iran) and to Iraq, which seems like a much better situation to me. Posted by: gorb 2011-10-31 |
| http://www.rantburg.com/poparticle.php?ID=332634 |