This may be a real game changer.. that could crash the oil and gas market ultimately hurting US producers.
Sorry, Shale. Iraq Is The Real Oil Revolution
1/31/14
After pushing up domestic crude oil production by about three million barrels a day (mb/d) in the United States, shale oil has inspired speculation about radical shifts in the global oil market.
Radical shifts are certainly on the horizon, but something other than shale is likely to be driving them. That something is Iraq.
Iraq is ramping up oil-exports in 2014, according to the Economist Intelligence Unit. The draft budget anticipates average exports of 3.4 mb/d, marking a nearly 30% increase from 2013 export levels.
Considering the political struggle between Baghdad and the semi-autonomous region of Kurdistan, the budget forecast seems bullish but not beyond the realm of possibility. New sources of production in the south are coming on-stream and infrastructure bottlenecks are easing.
Iraq is currently the worlds third-largest oil exporter. and has the resources and plans to increase rapidly its oil and natural gas production as it recovers from three decades punctuated by conflict and instability.
continued
Sorry, Shale. Iraq Is The Real Oil Revolution - Forbes
Sorry, Shale. Iraq Is The Real Oil Revolution
1/31/14
After pushing up domestic crude oil production by about three million barrels a day (mb/d) in the United States, shale oil has inspired speculation about radical shifts in the global oil market.
Radical shifts are certainly on the horizon, but something other than shale is likely to be driving them. That something is Iraq.
Iraq is ramping up oil-exports in 2014, according to the Economist Intelligence Unit. The draft budget anticipates average exports of 3.4 mb/d, marking a nearly 30% increase from 2013 export levels.
Considering the political struggle between Baghdad and the semi-autonomous region of Kurdistan, the budget forecast seems bullish but not beyond the realm of possibility. New sources of production in the south are coming on-stream and infrastructure bottlenecks are easing.
Iraq is currently the worlds third-largest oil exporter. and has the resources and plans to increase rapidly its oil and natural gas production as it recovers from three decades punctuated by conflict and instability.
continued
Sorry, Shale. Iraq Is The Real Oil Revolution - Forbes