Reply #5: Iraqis likely to produce less oil in '05

[sabra]

http://www.charleston.net/stories/?newsID=57942§ion=business

Iraqis likely to produce less oil in '05
Associated Press


DUBAI, United Arab Emirates - Despite President Bush's optimism about Iraq's reconstruction, the country appears set to pump less crude in 2005 than last year's disappointing showing and far less than under Saddam Hussein.

The only bright spot for Iraq's oil sector, hampered by unrelenting insurgent attacks on its infrastructure, is that near-record oil prices have softened the blow by boosting export earnings.

"The general integrity of Iraqi oil infrastructure appears to us to be heading backwards rather than forwards," said London-based Barclay's Capital in a report issued Thursday.
...

"It's another disappointing year," said Sharif Ghalib of Energy Intelligence Research in New York.

Analysts say 2006 looks just as gloomy, although some predicted it would show an improvement.