The Impact of Iraq

abarrelfullabarrelfull wrote on 28 Mar 2011 10:29
Tags: exxon iraq

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We know that Iraq is going to be a Major player. It has huge reserves and a who's who of global oil players working to increase production. Exxon is the latest to make a statement on their project

Initial field production of 244,000 barrels per day has now increased to 285,000 barrels per day, which exceeds the 10 percent improved production target established under the technical services contract.

The question that needs an answer however, is how high can production go?

I was asked to give a talk on global oil markets, and my research confirmed that the biggest unknown seems to be Iraq. It has the potential to create a big correction in global oil markets. The Iraqi government is nothing but bullish.

Iraq’s oil minister believes his nation can produce 10-12 million barrels of oil a day sometime in the next 5 to 10 years. That would be 5 times the 2.2 million barrels Iraq is producing at present. Those 10-12 million barrels represent more oil than either of the two largest oil producers today– Russia and Saudi Arabia.– can accomplish.

If he is right, that's going to have a massive impact on the world's oil markets, and a blow for peak oil. Lots of people are sceptical, but call it right, and you will potentially make a lot of money, call it wrong and it could be expensive.

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