Increased supply from Iraq (2.5 million bpd) countered part of the high prices triggered by strong US gasoline demand. All eyes are focused on developments in Iran and Iraq, as world oil prices steady at US$71. New York's main contract, light sweet crude for delivery in August, stood at US$70.82 per barrel in electronic deals before the official opening of the US market. In London, Brent North Sea crude for August delivery steadied at US$ 69.95 per barrel in electronic trading.
Iraq's oil production stood at about 2.5 million bpd, when Saddam was deposed by US-led forces in 2003. Post 2003, production has dwindled to virtually nothing and rebuilding has been difficult due to insurgent attacks.
27-Jun-06 
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