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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Bill Li who wrote (13156)	3/1/1998 9:45:00 PM
From: Tulvio Durand	Respond to of 95453

Iraq is pumping all the oil it is able to pump, according to NY Times News Service article carried in my local paper today. Forget about the increased quota, Iraq is not able to pump more than the 1.8 million barrels per day (B/D) on most days and, on rare occasions, as much as 2.4 million B/D when all the equipment is up and working. Although the UN proposed new quota allows Iraq to sell 3 million B/D, their equipment is so dilapidated from lack of maintenance and spare parts that it is not able to pump more any more oil. Iraq is unable to get parts because of the embargo; and even if the embargo were to be lifted it would take a minimum of a year to fix the equipment sufficiently to enable to produce the new allowance. Note that from its present production, 500,000 B/D is used within Iraq and another 100,000 B/D goes to Jordan at 1/3 going rate for petro. That leaves 1.2-to-1.8 million B/D that Iraq is able to sell on the open market. Tulvio