Sunday, April 24, 2011

Iran worried about resurgence in Iraqi oil production

"Iran has counted on the shortage of Iraqi oil production as a buffer against potential sanctions on purchases of Iranian crude, says the Tehran-based analyst. Although Iraq is currently excluded from OPEC's quota system, Iranian oil officials admit they are worried that the resurgence of its historical rival will affect Tehran's standing within the organization. (Baghdad and Tehran clashed over OPEC production targets before Iran's 1979 revolution and during the 1980s, when the two countries were engaged in an eight-year war.) While Iran has increased influence in Baghdad nowadays because of the country's Shi'ite-dominated government, that is not likely to diminish Iraq's determination to rehabilitate its war-hobbled petroleum industry."

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Thanks Hayder for posting.

1 comment :

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