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tmorr37
02-04-2013, 05:05 AM
Iraq’s flood of ‘cheap oil’ could rock world markets

Production on track to surpass Saudi Arab

The IEA (http://www.washingtontimes.com/topics/international-energy-agency/) said Iraq (http://www.washingtontimes.com/topics/iraq/) will need to boost production to prevent another destabilizing spike in prices the next time the world economy is firing on all cylinders. It estimates that if things go well and Iraq (http://www.washingtontimes.com/topics/iraq/) is able to make the hefty $530 billion of investments needed to triple production in coming years, world oil prices still will rise gradually to $215 a barrel by 2030 because of fast-growing demand in emerging countries.

Read more: Iraq (http://www.washingtontimes.com/news/2013/feb/3/iraqs-flood-of-cheap-oil-could-rock-world-markets-/?page=3#ixzz2JuJy1cDr)