usatoday.com - 12/17/2008
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"We're in a situation where Iraq is … potentially going to be in a deficit mode next year," said Paul Brinkley, who leads Pentagon efforts to aid Iraq's economy. The trend worries U.S. officials who say a strong economy is needed to lock in the security gains made over the past year. "The ...
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Declining oil prices threaten Iraqi stability
Peak Oil News —
... past year. "The long-term stability of the country heavily depends on a vibrant economy," Brinkley said. Iraq, which sits on the world's third-largest oil reserves, gets at least 90% of its revenue from oil sales. Crude oil prices have dropped about 70% since July when they topped $147 a barrel. Iraq's government is considering slowing, but not canceling, major reconstruction projects, Brinkley said. Many projects were planned during Iraq's massive oil windfall earlier this year. USA Today
DrumBeat: December 17, 2008
The Oil Drum —
... An OPEC reduction of that size four years ago was enacted in stages.
...Also significant would be formal support from Russia, Azerbaijan and other non-OPEC producers. Mexico, Norway and Russia slashed production in the late 1990s, at a time oil was selling for about $10 a barrel.
The Russian deputy prime minister Igor Sechin and the Azeri energy minister Natik Aliev announced cutbacks of a total of more than 600,000 barrels a day.
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Declining oil prices threaten Iraqi stability
Plummeting oil prices may force Iraq's ...
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