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.
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