Iraq vote promises little succour for oil sector

[sabra]

http://www.alertnet.org/thenews/newsdesk/BAB330364.htm

Iraq vote promises little succour for oil sector


BAGHDAD, Dec 13 (Reuters) - On the campaign trail, Iraq's politicians bubble with optimism over the crumbling oil sector, promising to ratchet up output and reverse years of decline.

In trading rooms and investment banks far from Baghdad's corridors of power, however, analysts and executives are bracing for more disappointments from Iraq's economic mainstay.

"Iraq's oil sector is in a perpetual state of decline," said Jamal Qureshi, analyst with PFC Energy in Washington. "There are always lots of promises and they have never materialised."

....

Major oil companies like Exxon Mobil and Shell have said they are eager to get into Iraq, but do not plan to do so until stability is restored.