Iraq's Revenues from Exporting Crude Oil are $88 Million a Day

[BigE]

This IS the MOST important factor in IRAQ's Recovery if it is to ever come close to Kuwait's potential or higher. This is one reason I beleive that "W" has not pressured the price of oil to come down, as long as it is high the more it benefits the rebuilding of IRAQ with their own resources. JIMHO.

" Dr. Ibrahim Mohamed Bahr Al Oloum said that the oil prices mainly rely on the operations of transportation, density and the quality of the product. He confirmed that the Iraqi oil exports have reached approximately 1.6 million barrels a day. A barrel is sold at about 55 dollars. This means that the Iraqi revenues from exporting oil have reached 88 million dollars a day."

http://www.almendhar.com/english_7511/news_print.aspx

[BigE]

Thats:

$ 31,328,000,000.00 a year and not even at full refinery strength. so on, not counting any other future business strengths (tourism, agri, nat gas, etc.)

.

[stayfrosty5]

Good find BigE!

Now if only we knew all the costs of production, security, maintenance, kickbacks etc, we could figure out how much of this $88,000,000 actually goes into Iraq's pocket.

frosty

[BigE]

Good find BigE!

Now if only we knew all the costs of production, security, maintenance, kickbacks etc, we could figure out how much of this $88,000,000 actually goes into Iraq's pocket.

frosty
thanks and true, but even though some of those cost can be incurred, I'm sure some or most of the money should be spent in some manner in Iraq in some form or another, IE., real estate, cars, workers, wages, and just like us here on BILLS to be paid to someone else for them to make more money. ............. thus the wheels of capitalism---starting to grind forward.

[MunnyBaggs]

Good find BigE!

Now if only we knew all the costs of production, security, maintenance, kickbacks etc, we could figure out how much of this $88,000,000 actually goes into Iraq's pocket.

frosty

Yep. One thing for certain is coming out on all these articles is exactly how critical the security situation is for the future of Iraq. You'd be amazed at how much rebuilding can happen once the wealth cycle is free of terrorism. This thing could be rolling in less than 2 years if security can be quelled at better levels.

[Diamonds]

IF the US starts drilling for oil here will that make Iraq less dependent for US and then will Iraqs oil be less value if not needed as much.

Any comments

[Jgraj]

IF the US starts drilling for oil here will that make Iraq less dependent for US and then will Iraqs oil be less value if not needed as much.

Any comments

We know that China needs oil and a lot of it. There are many other countries that need it as well. So I don't think it will make much of an impact if that happens. Although we may see an increase in SUVs' here in the US.

[MunnyBaggs]

IF the US starts drilling for oil here will that make Iraq less dependent for US and then will Iraqs oil be less value if not needed as much.

Any comments

The numbers in the Senate and Congress do not bode well for domestic new oil drilling. And even if some sort of vote were to make it through, it'll be fought tooth and nail by most Democrats and moderate Republicans. It'll be years before any new drilling is done here if ever at all. Plus add to the fact it would take years just to get a new oil extraction enterprize in full production.