tag:blogger.com,1999:blog-4900303239154048192.post6059704653598604745..comments2024-03-06T06:34:42.881-05:00Comments on EconoSpeak: Who "Got" Iraqi Oil?Unknownnoreply@blogger.comBlogger3125tag:blogger.com,1999:blog-4900303239154048192.post-49518321548115501022020-02-21T08:26:26.442-05:002020-02-21T08:26:26.442-05:00From late summer of 2019:
https://www.cnbc.com/2...From late summer of 2019: <br /><br />https://www.cnbc.com/2019/09/06/iraq-is-pumping-record-oil-disrupting-opecs-production-cutting-plans.html<br /><br />“Iraq hit record production figures in August with an output of 4.88 million barrels per day (bpd), according to S&P Global Platts, amid an OPEC drive to cut production…To put Iraq’s 4.88 million bpd figure in perspective, the country’s output five years ago was 2.96 million bpd, and between the 2003 U.S. invasion of Iraq and 2010 it veered between less than half a million barrels per day to barely touching 2.5 million.”<br /><br />Kudlow’s $12 per barrel forecast came along with his prediction that Iraq would be producing 12 million barrels of oil per day. “Hilariously wrong forecast” indeed!<br />pglnoreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-29037165179683339722020-02-20T20:27:13.101-05:002020-02-20T20:27:13.101-05:00A not widely known fact is that apparently when Ch...A not widely known fact is that apparently when Cheney was having his secret meetings with various US oil company CEOs prior to the invasion, and he was touting how they were going to get all these wonderful contracrs, if not outright control of Iraqi oil, many of them were apparently not all that enthusiastic, foreseeing disruptions in production and contracts and other elements of the system. As it was, the only major US oil company that made any substantial amount of money during the was was Halliburton, Cheney's own company, with that money coming from military contracts, not the oil industry in Iraq, which basically turned into a mess.<br /><br />Regarding Kudlow's hilariously wrong forecast, the oil companies did make some money as a result of the war. But it had nothing to do with contracts in Iraq. It was due to the fact that the reductions in production from the war pushed the price of oil up, and generally oil companies make more money as the price of oil rises. So while those CEOs were worried about production disruptions, in fact those disruptions made them money.rosserjb@jmu.eduhttps://www.blogger.com/profile/09300046915843554101noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-61954433928038809502020-02-20T18:16:24.311-05:002020-02-20T18:16:24.311-05:00In 2004 Lawrence Kudlow was so happy we invaded Ir...In 2004 Lawrence Kudlow was so happy we invaded Iraq as he predicted that Iraq would literally quadruple its pre-invasion oil production which would lower oil prices to $12 a barrel. How did this forecast turn out? pglnoreply@blogger.com