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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Erwin who wrote (10305)2/1/1998 4:41:00 PM
From: Tulvio Durand  Read Replies (2) of 95453
 
The propsed quadrupling of Iraq's oil-for-food probably will not increase the world oil supply by much as Iraq is already selling, covertly through Iran as the broker, all the oil that it is able to produce. Sales to Iran are at below market price because of the restricted marketability. Iraq is also selling oil overtly to Jordan at substantially below market price. Allowing Iraq a larger oil sales quota will enable Iraq to obtain higher prices for its oil in the open market, meaning higher spot oil prices. You may be right that the Street's reaction to this proposed increase in Iraq's oil-for-food may be a short term negative for oil price, but in the longer term it will likely produce higher oil price. Tulvio
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