NewEnergyNews: IRAQ, THE I.S.I.S., AND THE FUTURE OF OIL

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    Thursday, June 19, 2014

    IRAQ, THE I.S.I.S., AND THE FUTURE OF OIL

    Iraq Foretells Oil's Dystopian Future

    Liam Denning, June 17, 2014 (Wall Street Journal)

    “…Amid what may be the unraveling of Iraq, oil prices characteristically have risen, with Brent crude breaking back above $112 a barrel…Yet Iraq's real significance for oil may have less to do with what transpires this summer and more over the rest of this decade…The bigger issue is what the sudden advance of the Islamic State of Iraq and al-Sham means for Iraq's oil-production growth prospects…In its latest medium-term forecast, released Tuesday, the International Energy Agency cut its supply-growth outlook for Iraq. It now expects Iraq to be able to produce 4.29 million barrels a day by 2018, almost half a million barrels a day less than last year's forecast. Even so, Iraq still accounts for 61% of expected growth in output capacity controlled by the Organization of the Petroleum Exporting Countries. So even if the near-term threat to supply from ISIS isn't catastrophic, the wider context potentially is…” click here for more

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