The daily newspapers are now full of stories predicting that Iraq, as we know it, will soon disintegrate into three or more warring states. In the last two weeks Sunni insurgents led by the extremist ISIS have routed a good part of the Iraqi army, taken over much of northern Iraq not controlled by the Kurds and now are moving close to Baghdad.
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Finance Minister Joe Oliver fears the turmoil in Ukraine and Iraq is potentially “dangerous” to the global economy, particularly in Europe where he says many countries are not living up to their promises to get their books in line.
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The spike in instability in several oil producing regions around the world is threatening to knock some production offline, but it is also boosting profits for drillers operating in trouble-free zones.
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Everyone knows that Iraq is an important oil producing country. But Iraq is more than just important, it is critical.
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Lest anyone not understand how Canada’s oil supply fits into the global picture, the latest uncertainty in Iraq serves as a timely reminder.
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Oil prices will only rise moderately over the next 20 years according to estimates from the International Energy Agency. The IEA released the 2013 edition of its much-anticipated World Energy Outlook, which projects oil prices to rise steadily but slowly to $128 per barrel (in 2012 dollars) by 2035.
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The U.S. shale energy revolution is making its mark on global financial markets.
Since the beginning of last year, the U.S. has steadily pared its petroleum trade deficit, ramping up exports and tapering back imports of oil.
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News emanating from the Middle East since the outbreak of the “Arab spring” two years ago has been intermittently nervous, but beneath the headlines, some political seismic shifts have been occurring.
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The Iraqi government said Wednesday it was pulling back from its plans to increase oil production dramatically within the next five years.Baghdad, beginning in 2008, has brought in international investors despite lingering violence and protracted political concerns. A report from the International Energy Agency had said the Iraqi oil sector “holds the key” to the country’s future. The obstacles to major developments in the energy sector, however, are “formidable.”
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