OGJ Newsletter

Market MovementIraqi oil supply uncertainties loomOil prices softened recently amid reports that Iraq and the United Nations soon may hammer out an agreement allowing for a resumption of Iraqi oil sales under the oil-for-aid accord, plus continuing evidence of growing oil stocks, and word from OPEC that nothing is likely to change at the group's July 3 meeting.However, the third quarter may prove to be a train wreck for oil markets regardless of what Iraq does.There has been much political posturing over the nature and design of new "smart sanctions" but all of this is irrelevant to the Iraqis, who insist on a complete and unqualified lifting of all sanctions-which just isn't goin...

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