Note: The excuse for rising gas price is always tensions in the Middle East. When has there not been tensions in the Middle East? The war with Iraq that has taken hundreds of thousands of American and Iraqi lives has thus far only benefited American and European oil companies.
Iraq Crude Production Overtakes Iran as OPEC Trims Output
Iraq’s crude production overtook Iran’s last month for the first time in more than two decades as Iran led a decline in OPEC output ahead of a European Union ban on purchases from the nation, according to the producer group.
Iraq pumped 2.984 million barrels a day in June, outpacing Iran’s 2.963 million, the Organization of Petroleum Exporting Countries’ Vienna-based secretariat said today in its Monthly Oil Market Report. That’s the first time Iraq’s output has exceeded Iran’s since 1988, when the countries ended their eight-year war, statistics compiled by BP Plc (BP/) show. - Bloomberg
Importance of Iraqi Oil to the U.S.
During December 2002, the United States imported 11.3 million barrels of oil from Iraq. In comparison, imports from other major OPEC oil-producing countries during December 2002 included:
Saudi Arabia - 56.2 million barrels
Venezuela 20.2 million barrels
Nigeria 19.3 million barrels
Kuwait - 5.9 million barrels
Algeria - 1.2 million barrels
Leading imports from non-OPEC countries during December 2002 included:
Canada 46.2 million barrels
Mexico 53.8 million barrels
United Kingdom 11.7 million barrels
Norway 4.5 million barrels