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Politics : Foreign Affairs Discussion Group -- Ignore unavailable to you. Want to Upgrade?

To: paul_philp who wrote (70688)	1/31/2003 6:01:21 PM
From: John Carragher	Respond to of 281500

There was an interview this evening on cnbc or cnn with a representative of some international studies group on oil and Iraq... Oil corporation representatives were not allowed at the meeting... He stated, "first requirement ,,under no circumstances are U.S. to take charge of oil ... some think we can use it for payment for the war... Iraq. needs investments.. most of the fields are not running and will need... $30 billion to $40 billion dollars in investment to get them up and running again...These fields must be turned over to the new Iraq government immediately.". Second comment was" there are two big sections of oil fields that the U.S. is prepared to protect from being set on fire etc... These two oil fields represent 2/3 of Iraq total reserves." It would appear to me that France and Russia investments are totally safe with the existing contracts they have with Iraq....Much more money from private investors will be required to get the operation functioning.. I assume it would be four or five years before we see full production in Iraq again... I would not look for Iraq to relieve any prices in oil quickly through increased output. Oil prices will come down as market speculation goes away..