Iraq still insecure but still harbors huge oil resource

To a portentous question about oil markets, the answer so far is “not soon, apparently.” The question: When does Iraq start making real progress toward achieving its full potential as a producer of oil? Iraqi production of crude oil fell to slightly above 3 million b/d in June, its lowest level in 3 months. Although the trend over the past few years is upward, Iraq once planned to produce crude at twice the June level and has the geology to do so. According to the International Energy Agency, the June slump resulted partly from high winds, which cut tanker loadings at the Basra terminal in the south. But some of it reflected a new surge in sabotage of the important export pipeline in the ...

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