Monday August 30, 2010

I've Been Thinking:

Seldom do we get a really good first hand indicator of a developing country's potential.

Economists crunch numbers and insert variables. Analysts read the prevailing winds. Investors translate tones and offer a prognosis. But it is all one step removed.

So I was relieved to actually hear Iraqi Oil Minister Hussain al-Shahristani explain his goals and give a timetable.

Iraq is producing about 2.5 million barrels of oil per day.
They are permitted 4 million per day by agreement with OPEC.
Shahristani said that he expects Iraq to meet OPEC totals within 2 years.

Iraqis are taking their production seriously. They are developing and expanding their capabilities. And now we have a serious timeline to attach to their objectives.

It seems doable.
Given the expansion, it seems sustainable.
Given Iraq's current orientations and direction we should take Shahristani at his word.

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