The last time crude oil prices spent significant time below $30 a barrel Ben Affleck and Jennifer Lopez were still “Bennifer,” Howard Dean was leading the Democratic primary race and Saddam Hussein had just been captured by U.S. troops in Iraq. It was December 2003 and the world was awash in oil. The OPEC cartel had ramped up production just as global demand was slowing, and th
Read MoreDownload PDFMy Corrected Edited initial oil market review revisited (2) The conclusion of my last Iraq oil market review was reflected by its heading that, ‘Politics cannot be ruled out, but market fundamentals remain in force.’ However, no doubt, views on the subject do differ and each is worthy of consideration. My aim here is not to dispute but to reflect further on this im
Read MoreDue to the importance of Southern Iraq’s oil field development contracts to the Iraqi economy and the country’s petroleum sector, it has become a political and media topic for speakers and politicians without trying seriously to understand the legal framework, the economic basis, and the oil professional essences of these contracts besides using incorrect and politicized inform
Read MoreDownload PDF Tariq Shafiq- Researched Highlight of the Oil Matrket Generally speaking, oil prices go up when the global economy is robust, world demand is rising, suppliers are pumping at maximum levels, and little stored or surplus capacity is on hand. They tend to fall when, as now, the global economy is stagnant or slipping, energy demand is tepid, key suppliers fail to rei
Read MoreIts latest industry forecast reckons oil touching $95 a barrel in real terms by 2040 The annual Opec’s World Oil Outlook (WOO) report has just been issued and gives pointers to the prospects for the energy industry in general and the oil market in particular up to the year 2040 as seen by researchers of the Secretariat. Since the previous report which was issued in November 20
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