Close to 4 years war and 10 years of sanctions means that Iraq's oil infrastructure is quite badly rundown compared to Iran's and it will take the US a few years before it can bring Iraq back to full capacity.
With this in mind, I wonder how the US will react to this news that war ravaged Iraq has now been pushed to number 3 as far as oil reserves go.
I doubt that in the short term much will change from the US perspective, and even in the long term since the Middle east is the 'prize', but possiblly there might be a change in how the pieces will fall medium term in the US's coming grab for oil .
Throw China in the mix, especially if China's lobbying for the Siberian reserves fail and considering it's ability to negotiate with Iran where US companies cannot, and we could be in for some interesting times.
I doubt Iran is really a problem. They do not use oil as a weapon anymore. They pump all that they can. That is all we really care about from an oil security standpoint.
Even if the oil from Iran goes mostly to Asian countries, that still helps the USA by keeping overall world prices in check.
I am just surprised that they are only estimating that 3 billion barrels are recoverable from a 17 billion barrel estimated find in the new oil field. I thought that US energy companies can typically get 50% to 60% from a field with advanced extraction techniques.
"If we estimate the value of each barrel of gas condensate at 20 dollars, the field can earn the country more than seven billion dollars per British thermal unit," Zanganeh said.
right, I hope this was a transcription error. Am still taking this with a grain of salt - or paper barrel, as it has been called.
Regarding the newly discovered Yadavaran Oil Field, the minister said the giant field would hold more than 17 billion crude barrels and that three billion barrels were recoverable.
...
He said the oil ministry's new figure of 132 billion barrels of proven reserves, a jump of 17 billion barrels from before, came from discoveries in the Kushk and Hosseinieh oilfields -- now classed as one single field and renamed Yadavaran -- in the southwestern province of Khuzestan.
wait a damn minute, first it was newly discovered, then it was two 'independant' fields discovered to be one, what the hell is it?
Top oil producing countries are determined to seize more control of trading after being advised that existing markets such as the IPE and Nymex in New York are not working in their favour.
Supposedly, this new exchange will not use dollars or euros, but a Middle Eastern currency.
We may be in the waning days of the petrodollar, one way or another...
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