OGJ Newsletter

Market MovementUS too optimistic about Iraqi oil production?US officials' recent optimistic estimate that Iraq could increase its oil production to 6 million b/d in 3 years, from less than 2 million b/d currently, is "physically impossible," said Paul Horsnell, head of energy research at Barclays Capital Research, a division of Barclays Bank PLC, London (see related article, p. 20).Iraq's oil ministry "does indeed have a long-term target of 6 million b/d, but in 2014, not 2006," he said. A similar 10-year production target "was in force in 1990 before the first Gulf War, and today the practicalities have certainly not become any easier. A target of 6 million b/d by 2014 is more am...

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