There's been a lot of fretting about softening oil prices recently (OGJ, Aug. 2, p. 32), but Kidder Peabody thinks markets could be very tight late this year if Iraq does not reenter the market. Even if OPEC produces 25.5 million b/d in the fourth quarter, after cutting flow from about 24.3 million b/d now, stock draws could total a steep 1.1 million b/d by then, implying a 3 day drop in inventories from last year's level. Says the analyst, "These are nearly tectonic shifts in oil

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