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London's Centre for Global Energy Studies (CGES) warns that world oil prices will drop this year unless Organization of Petroleum Exporting Countries members make room for Iraq's limited oil sales.
CGES pointed out that present oil prices are firm, despite OPEC's failure at its last ministerial meeting to come to grips with overproduction among members (OGJ, June 17, p. 19).
CGES said, "Now that Iraq has finally agreed to United Nations terms for limited oil sales, the price outlook for the rest of the year looks decidedly weak unless OPEC makes room for the additional 800,000 b/d expected from Iraq.
"However, nobody is willing to concede market share. …