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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Kerm Yerman who wrote ()	11/11/1998 7:24:00 PM
From: Arktic	Read Replies (1) of 24925

A few additional thoughts... observations from my perspective: If my information is correct, Iraq exports more oil today than it did before the invasion of Kuwait. If they were to stop exporting, I think it would have an impact on price. However, I would agree that the duration of the impact may not be lengthy. By way of history, when the UN began allowing Iraq to export for humanitarian reasons, they placed a dollar limit on exports, not a volume limit. Hence, each time the price of oil decreases, Iraq's allowed bbl/day of export increases, driving prices down even further. Given the massive reserves in Iraq, the high volume of export at low prices is not of concern. I suspect that Saddam is smirking about the impact that this UN policy is having on the world oil glut. I would agree that after so many years, the world is beginning to yawn about the Iraq situation everytime something new emerges. Anybody who can accurately predict oil prices one year from now is a miracle worker in my book. Time will tell. For the time being, I'm braced for continued low prices. Paul L. Craig

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