Reply With QuoteThe effect of the sanctions on Iran: Iran's oil exports are down to a 20 years back level and the other producers provide the market as expected.
Iraq on target to be No2 OPEC producer
The rest of the article here:http://www.bloomberg.com/news/2012-0...am-legacy.htmlIraq Oil Production Beating Iran Ends Saddam Legacy
By Nayla Razzouk and Anthony Dipaola - May 11, 2012 4:33 PM GMT
Iraq is pumping at the highest rate since Saddam Hussein seized power in 1979, supported by foreign investors such as Exxon Mobil Corp. and BP Plc (BP/) that are developing new fields and reworking older deposits. The country produced 3.03 million barrels a day in April, 7.7 percent more than in March, while Iranian production declined to 3.2 million barrels a day, according to an OPEC monthly report yesterday. Iraq’s output last exceeded Iran’s in 1988, when the countries ended their eight-year war, statistics compiled by BP show.
The effect of the sanctions on Iran: Iran's oil exports are down to a 20 years back level and the other producers provide the market as expected.
Even with Iran's reduced output this is still significant progress and a return to pre 1979 output is no bad thing for Iraqis and the rest of us.Originally Posted by Camera
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