from The Daily Bell:
Iraq is poised to flood the oil market by tripling its capacity to pump crude by 2020 and is collaborating with Iran on strategy in a move that will challenge Saudi Arabia’s grip on the Organisation of Petroleum Exporting Countries. “We feel the world needs to be assured of fuel for economic growth,” Hussain al-Shahristani, Deputy Prime Minister for Energy in Iraq told oil industry delegates attending a Chatham House Middle East energy conference. Al Shahristani said on Tuesday that Iraq plans to boost its capacity to produce oil to 9m barrels a day (bpd) by the end of the decade as Baghdad rushes to bolster its economy, which is still shattered by war and internal conflict. – UK Telegraph
Dominant Social Theme: Iraq intends to flood the market with cheap oil. What a break!
Free-Market Analysis: Again we see our Wall Street Party meme buttressed. Does anyone believe that the puppet government of Iraq does anything without checking with the United States?
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