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| Syria-Lebanon-Iran |
| OPEC couldn't replace Iran's oil |
| 2008-07-10 |
| OPEC would not be able to replace Iran's oil production if supplies were halted in case of a war with Israel or the US, the oil cartel's chief said today. "I hope there will be no attack on Iran. I hope that problem will be solved peacefully," the Organisation of Petroleum Exporting Countries' secretary general Abdalla Salem El-Badri told a news conference in Vienna. "But if something were to happen it is impossible to replace the production of Iran." Iran is OPEC's second-largest oil producer with an output of about four million barrels per day. "That's a huge quantity, it is almost impossible to replace," Mr El-Badri said, adding that OPEC had no contingency plans in case of war. "We have no plans for wars," he said. "We have plans for national disaster or something like that. But for a country to attack another country, we don't have this kind of policy." |
| Posted by:tipper |
| #4 Monopsony! And then Kurdish pipeline development. |
| Posted by: Pearl Jeager2939 2008-07-10 18:27 |
| #3 Iran would be bankrupt without oil sales. Consumers have leverage. If Iran's command and control centers were taken out, oil patch locals would then be interested in their own futures. I wouldn't forsee the same destruction that we saw after the Iraqis pulled out of Kuwait. If you look at the demographic maps, few Persians live near either the oil fields or Hormuz Strait. It is likely that the CIA has secured some tenative agreements, pending US sovereign control over strategic areas. That should happen, if President Bush choses NOT to coast out of office. I have my doubts. |
| Posted by: Unomoper the Grim4096 2008-07-10 16:57 |
| #2 No big deal, we'll just uncap the Texas mystery wells, bring in all those tankers idling in the Gulf of Mexico, take the Phish carbureator to market, recapitalize the PG&E Street Car lines, increase the subsidy for corn ethanol and hold Congressional Hearings. |
| Posted by: .5MT 2008-07-10 15:40 |
| #1 Is that supposed to make Iran untouchable? I'd pay $10 a gallon to smite down those pigeon chested little tossers. |
| Posted by: bigjim-ky 2008-07-10 14:37 |