Iraq's rising oil production may present a political headache for OPEC
in the future, JPMorgan says in a note; the war-stricken country will raise its
output to 3.14 mln B/D in mid-2012, a level not seen since August 1990, as a
new production ramp-up gathers pace, the bank says;
however historic
relationships mean that Iran likely won't want to see Iraq's production surpass
its own output of 3.6 mln B/D; "but quota parity should be seen as a
largely meaningless statistic," it argues. "
Iraq
can
claim that others have benefited from its sub-potential production levels for
the past 20 years." November Nymex WTI falls 23 cents to $82.36/bbl;
November ICE Brent is down 35 cents at $105.38/bbl.