Iraq's ramp-up may not threaten OPEC

07/14/2003
There may come a day when Iraq is not a wild card in oil market scenarios, but that day is not at hand yet.Oil prices have remained buoyant in recent weeks for a number of reasons, a strike by Nigerian oil workers and persistently low crude stocks among them. But the major factor underpinning a bullish price outlook for the oil market in the next few months has been the market's surprise that Iraq's presumed resurgent production would undermine efforts by the Organization of Petroleum Exporting Countries to defend prices. Looking even further out, some have speculated that a rapid buildup of production in Iraq would bring OPEC to its knees and perhaps cause the group's demise....
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