Iraq July Oil Exports A Dribble Of Prewar Output - NYT

[LauraK]

NEW YORK -(Dow Jones)- Iraq plans to export only eight million barrels of oil this month, industry officials said, a small fraction of its prewar output, The New York Times reported in its Thursday editions.

U.S. officials said recently that Iraq's budget for the rest of 2003 would be $6 billion to $7 billion, with about $3.5 billion coming from oil exports, they said. That is far below the $15 billion to $20 billion in annual Iraqi oil revenue that the Bush administration had projected before the war, the newspaper added.

The eight million barrels to be exported this month is only 258,000 barrels a day. Before the war Iraq exported, legally and otherwise, about two million barrels a day, the Times reported.

"Our superiors at the Oil Ministry said that we could export about 500,000 barrels a day in July," The New York Times reported one oil industry official speaking on the condition of anonymity as saying. "But we're not sure now. <cut

not much More here

[sandnsea]

1. Why do the warmongers need to go?

The oil. lol. Bush couldn't deliver the oil and so he's got to go!

[AP]

2. So Iraq produces 85% less, which lowers global supply, increases demand

and increases the price of oil that is produced at wells controled by American companies elsewhere. When those companies secure production in Iraq, Iraqi production will increase and the profits will flow again to those American companies.

This is all about the direction profits flow.