World Briefing 8/25 (1 viewing) (1) Guests
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TOPIC: World Briefing 8/25
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ThomasK (User)
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Re:World Briefing 8/25 4 Months, 2 Weeks ago
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Shoots down your argument we invaded for oil. Seems they are honoring previous agreements:
The contracts under consideration are small.
Aljibury said the Chinese agreement is to produce about 70,000 barrels of oil a day, while the Vietnamese one is for about 60,000.
It's hard to put a dollar amount on what those contracts might be worth, as security costs, drilling conditions and the exact terms to be offered by Baghdad are unknown, said Christopher Ruppel, a senior geopolitical analyst with the consulting firm John S. Herold.
But the barrel amount is tiny even by Iraq's depressed post-war production of around 2 million barrels a day.
And the country is thought to be able to ramp up production to over 3 million barrels a day with fairly little effort, providing the security situation improves. Rosy estimates even have Iraq producing 6 million barrels a day in the long term, which would make it the world's No. 4 producer behind Russia, Saudi Arabia and the United States.
Still, it's going to depend on the market as to what future agreements will be and with whom.
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