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To: Rainier who wrote (57147)	12/18/1999 1:54:00 PM
From: Razorbak	Read Replies (2) \| Respond to of 95453

Iraqi Oil Exports Thanks, Mike. Yes, that is the exact quote that I remember reading. FWIW, I don't think the market is discounting Iraq's capacity. I just think everyone is still prudently aware of the continual decline in U.S. inventories. I think the quote from Matthew Warburton immediately following the excerpt that you quoted is key... "In any case we have Iraq going from 2.9 million barrels per day now to 3.5 at the end of next year. We expect them to increase capacity but it's not going to be as important as in 1998," said Matthew Warburton of Warburg Dillon Read. He said the key to oil fundamentals remain the stockpiles. "The game really is what OPEC plans to do. Whether they want to have a soft or a hard landing for oil," Warburton added, referring to the output cuts which expire in March. The fundamental outlook right now is much better than it was in 1998, so any increase in Iraqi production will be much more easily absorbed now than before. JMHO. Razor