Sunday, 3 June 2012
So now we know
Oil Output Soars as Iraq Retools
NY Times reports (June 2nd): Despite sectarian bombings and political gridlock, Iraq’s crude oil production is soaring, providing a singular bright spot for the nation’s future and relief for global oil markets as the West tightens sanctions on Iranian exports.
Energy analysts say that the Iraqi boom — coupled with increased production in Saudi Arabia and the near total recovery of Libya’s oil industry — should cushion oil markets from price spikes and give the international community additional leverage over Iran when new sanctions take effect in July.
“Iraq helps enormously,” said David L. Goldwyn, the former State Department coordinator for international energy affairs in the Obama administration.