The Command Post - Iraq - Oil Flow Resumes In Northern Iraq

April 25, 2003

Oil Flow Resumes In Northern Iraq

I'm sure OPEC is thrilled. From WPLG:

Oil is flowing again in northern Iraq for the first time since the war began.

An official with the agency that oversees postwar rebuilding says oil is pumping from a field near the city of Kirkuk and will supply fuel for power plants in the region.

U.S. officials on Thursday said the northern oil pumping would resume in a matter of days. The flow is expected to be about 60,000 barrels a day.

Posted By Newshound at April 25, 2003 12:01 PM | TrackBack

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And the price of oil keeps falling (http://finance.yahoo.com/q?d=t&s=^IPCI). I think that

Heee heee

Posted by: Andrew at April 25, 2003 12:54 PM

argh.

"I think that..." if the price of oil falls below $20/bbl, OPEN will begin the implosion process.

Posted by: Andrew at April 25, 2003 12:56 PM

argh (take 2)

"OPEN" == "OPEC"

I am going to go sit in the corner now...

Posted by: Andrew at April 25, 2003 12:57 PM

Andrew - third time's the charm..
Just as important as a lower oil price is stability of future oil prices. The Financial markets don't like negative surprises. With the US having an influence over Iraq oil they can help keep the price low and stable helping the financial markets

Posted by: AWW at April 25, 2003 01:13 PM

www.ampland.com/humor/03/0425.html

Posted by: bob at April 25, 2003 02:04 PM

The oil and gas coming on line now are essential to resuscitate water and power in Iraq. That will go a long way to helping public health. It doesn't look like there will be oil beyond Iraq's needs for quite a while.

Posted by: Fred Boness at April 25, 2003 04:22 PM

Basra is getting enough to start up its electrical plants. Baghdad needs it, too.

A lot of the infrastructure has been shakily maintained - not the fault of the people doing the work, more of various limitations working against them.

Exports are going to take a while. Not only to get equipment up to spec, but arranging paychecks and contravts - some of which will have to wait on a government.

Posted by: John Anderson at April 25, 2003 05:29 PM