Oil Output Soars as Iraq Retools

By artappraiser on Sun, 06/03/2012 - 1:12pm |

By Tim Arango and Clifford Krauss, New York Times, June 2/3, 2012

BAGHDAD — Despite sectarian bombings and political gridlock, Iraq’s crude oil production is soaring, providing a singular bright spot for the nation’s future and relief for global oil markets as the West tightens sanctions on Iranian exports.

The increased flow and vital port improvements have produced a 20 percent jump in exports this year [....]

Energy analysts say that the Iraqi boom — coupled with increased production in Saudi Arabia and the near total recovery of Libya’s oil industry — should cushion oil markets from price spikes and give the international community additional leverage over Iran when new sanctions take effect in July [....]

URL:

http://www.nytimes.com/2012/06/03/world/middleeast/crude-oil-output-is-soaring-in-iraq-easing-markets.html?hp