Replies to post #60656 on Zeev's Turnips Patch-No Politics (ZEEV)

[extelecom]

Can't find any statistics on what % of world oil supply comes from Iraq...
I did find this old article from 4/2002
http://www.atimes.com/global-econ/DD10Dj01.html
"The decision affects 2 million barrels per day, or 4 percent of international oil supplies, according to figures from the Organization of Petroleum Exporting Countries (OPEC)."
apparently they shut off their oil in March or April....

et

[mlsoft]

"How about the possibility for Saddam to destroy the oil infrastructure within his own country before he and his regime is ousted from power. What effect would that have on the world market for oil?"
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reddogg...

I think that possibility (likely to happen) is the reason that oil prices are at current levels now. There would almost certainly be a sharp spike in the price of crude should that happen, but it would be short lived because in reality, the world is awash in oil, with plenty of folks ready and willing to pump more.

If Saddam were able to take out Saudi Arabia and/or Kuwait oil fields, that would be a different story, as those producers would be hard to replace.

mlsoft