June 25, 2006
WHAT SHALL WE DO WITH THE SURPLUS?:
Iraq oil output hits record level (news.com.au, June 26, 2006)
IRAQ'S oil production is now over 2.5 million barrels a day, a record since the fall of Saddam Hussein, the country's oil minister said overnight.Posted by Orrin Judd at June 25, 2006 9:14 PMOil Minister Hussein Shahristani said on US television that Iraq hopes to be producing 4.3 million barrels by 2010 and to be challenging Saudi Arabia as the world's largest producer by 2015.
Production was about 2.5 million barrels a day when president Saddam Hussein was deposed by US-led forces in 2003. It then collapsed to virtually nothing and has been slow to rebuild because of insurgent attacks and other problems.
Saw somewhere (maybe here) that oil supplies vs demand are similar to when oil was around $15/barrel. There has been expectation that the oil bubble will pop at some point - maybe when Iran is dealt with.
Posted by: AWW at June 25, 2006 10:19 PMAWW,
Why do you think inventories of oil have been reaching 1998 $10/bbl levels? This may be our ultimate way of dealing with Iran.
Posted by: Brad S at June 25, 2006 10:36 PM