Iraqi war seen as lesser threat to E&P stocks this time

If the US takes military action against Iraq, oil prices probably will quickly tumble as other members of the Organization of Petroleum Exporting Countries increase production to offset the shortfall of Iraqi exports, as they did in 1991, said Robert Morris at Salomon Smith Barney Inc.But the stock values of publicly traded exploration and production companies are much less likely to follow oil prices down this time, as they did in 1991, said Morris. Such a retreat "will be partly mitigated, particularly for natural gas-weighted companies, by the expected strength of natural gas prices in 2003," he said.Concerns over Middle East hostilities have lifted oil prices more than 60% from a low ...

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