
LONDON, Dec. 18 (UPI) -- Iraq oil gushing into the global market could create problems for other oil-producing nations as analysts predict Iraqi production capacity is underestimated.
Members of the Organization of the Petroleum Exporting Countries meet next week, though the agenda does not include December's oil auctions in Iraq, the Financial Times reports.
Iraq at its December auction scored deals on some of its largest oil fields, which could boost its production potential from 2.5 million barrels per day to as much as 12 million in the next 10 years.
OPEC ministers could face repercussions from that increase as production quotas put strains on their potential revenue.
Baghdad, for its part, said it should have the right to pump as much oil as it can in order to make up for decades of shortfalls from crippling economic sanctions and war.
Edward Morse, former U.S. deputy assistant secretary of state for international energy policy and current head of research at Louis Capital Markets in New York, said the resource potential of Iraq is much more than expected.
"The world is vastly underestimating the potential of Iraq production," he said.
If OPEC members do not cut production to compensate for Iraq, the price of oil could drop substantially, the Times said.
| Additional Energy Resources Stories | |
WASHINGTON, Feb. 10 (UPI) --
The White House needs to come clean on bankrupt solar energy company Solyndra to ensure such "gross incompetence" won't happen again, a lawmaker said.
|
ISLAMABAD, Pakistan, Feb. 10 (UPI) --
The last three of 18 new and upgraded F-16 fighter jets from the United States arrived in Pakistan, a report by the Indo-Asian News Service said.
|
With rental vacancy rates at their lowest levels in 10 years, a review of TransUnion's proprietary rental screening database found that rental prices remained about the same between the fourth quarters of 2010 and 2011....
|
Government officials are on the verge of an agreement worth as much as $26 billion with five major banks, capping a yearlong push to settle federal and state probes of alleged foreclosure abuses by lenders.
|
| Stories | Photos | People | Comments |
View Caption