Hello everyone. Below is a good read on Iran oil production. It seems they produce about 4MBD. Should there be sanctions, then the difference could easily be made up by Iraq. Iran's domestic demand is about 1MBD, so 3 MBD would be needed to make up the difference to keep the impact from hurting the western economies. Since there have been reports of oil production from iraq just below 3MBD, and other reports that Iraq could easily produce 3.5MBD from their own wells, the impact of the HCL and the increased production from new iraqi wells could easliy lessen the impact of isolating Iran. Of course in the process, Iraqs asests (i.e. currency & income) would sky rocket. Its all good for us. Thank You.
Shutting off Iran's oil could double the price - Feb. 7, 2006