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An Iraq Silver Lining



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From WSJ today:

“The International Energy Agency in Paris estimates that Iraq pumped an average of about two million barrels of oil a day in the year’s second and third quarters—an especially violent period of oilfield sabotage. That output is about 20% short of prewar levels and a far cry from what some Bush administration officials had hoped for after Iraqi fields were seized relatively unscathed early in last year’s invasion. Still, the robust output has been enough to lift Iraq—home of the world’s second-largest deposit of reserves behind Saudi Arabia—back to the level of a major oil producer, comparable in size to other giants such as Kuwait and Venezuela.

Iraq’s resilience may be an early indication that the country—still occupied by American and other coalition troops and wracked by months of guerilla war—could be spared the sort of oil-industry collapse suffered by other large producers in political crises.”



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