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Iraq and Libya spark oil production fears

Posted on 29 August 2014

The world fears an oil crisis will occur if the security situation in oil-producing countries does not improve, especially in Iraq and Libya, two prominent producing countries. Everyone is concerned and is expecting the suspension of the Iraqi oil supply at any time now. If an Iraqi oil disaster occurs — especially if production allocated for export is halted — oil prices will easily hit an average of $130 per barrel and will only cease to fluctuate when Iraq regains calm and stability.
There is an urgent demand on Iraqi oil in both the short and long term. The suspension of production is equivalent to 1 million barrels per day (bpd) of Libyan oil supplies and nearly 3.3 million bpd of Iraqi supplies………………………………………..Full Article: Source


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