PIRINC: Iraqi oil production drop crucial to crude oil price spike

The falloff of Iraqi oil production probably has contributed more to recent price increases than any so-called "war premium" risk factor of pending US military action against Iraq, said industry analysts at Petroleum Industry Research Foundation Inc. (PIRINC), New York."There is enough spare capacity among the other oil producers to replace the current low level of Iraqi exports several times over—and indications from producers that they would move quickly to make up any losses in supply," said PIRINC analysts in a recent report."If the issue were simply the likely loss of Iraqi exports, most experts would agree that the market impact of military action would be manageable and short...

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