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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: quehubo who wrote (14770)	11/10/2002 12:12:33 PM
From: Tomas	Read Replies (1) \| Respond to of 206097

<<The great unknown here is what happens to oil if ... Iraq's capacity to export is maxed promptly at 2 mbpd. I am not sure what it is, but I suspect it would average 1.5m bpd more than what is has in the last year.>> Iraq: Total Oil Production (Million Barrels Per Day): 1998: 2.15 1999: 2.51 2000: 2.57 2001: 2.43 2002: January-August: 1.91 2002: Q4 (EIA Estimate): 2.23 During 2001, Iraq averaged official (i.e., U.N. monitored) net oil exports of around 2 million bbl/d, although this number fluctuated greatly through the year. Domestic consumption: 460,000 bbl/d. The Security Council voted to remove any limits on the amount of oil Iraq could export in December 1999. During the first seven months of 2002, the United States imported an average of 566,000 bbl/d from Iraq. There have been persistent reports that Iraq has smuggled 200,000-400,000 bbl/d of crude oil and products via a number of routes. Press reports have estimated that these illegal shipments may be providing Iraq with as much as $600 million-$2 billion per year in illegal revenues, while a U.S. General Accounting Office study released in May 2002 estimated that Iraq had earned $6.6 billion from oil smuggling and illegal surcharges from 1997 through 2001.