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From: Kayaker	1/13/2010 2:10:22 PM
	2 Recommendations of 206118

Iraqi oil may rival Saudi Arabia January 12, 2010: 10:50 AM ET NEW YORK (CNNMoney.com) -- Iraq's ravaged oil industry is on the verge of a major reconstruction and experts now believe that by the decade's end it could rival the world's top oil producers. But major challenges lie ahead. Iraq's success depends in large part on a mosaic of international investments. The oil ministry has awarded contracts to at least a dozen firms from around the globe to develop its oil fields and boost production in the next seven years to over 11 million barrels a day.... ....Most experts say the 11 million-plus barrel-a-day target is a long shot. Somewhere between 6 million barrels and 10 million barrels is probably more realistic. But even that would be a significant jump in global oil supplies over a relatively short period of time, potentially sending prices lower and straining the relationships in OPEC. "Iraq's Ministry of Oil appears to not have considered how the world market can absorb this extra capacity and the impact it could have on prices in the coming decade," Fadhil Chalabi, executive director of the Center for Global Energy Studies and a former acting secretary general of OPEC, wrote in a recent paper. Put more bluntly: "Peace in Iraq is probably the biggest threat to OPEC that we've had in decades," said James Williams, an energy economist at the oil and gas consultancy WTRG Economics. "Depending on the state of the economy, you're talking a major impact on prices.".... money.cnn.com

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