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Russia to benefit from Iraq turmoil.
(From Lloyds List)
THOSE concerned that there will be little respite to disrupted Iraqi oil offers may increasingly turn to Russian oil exports, which could increase by half by 2012, writes Namrata Nadkarni.
President Vladimir Putin said this week: 'I informed my colleagues that Russian companies have increased, continue to increase and will increase further energy output as well as supplies of energy to the world market.'
Soaring oil prices following attacks on facilities in Iraq have been dampened by the ceasefire agreed by followers of Shiite leader Moqtada Sadr. There was a 79cents drop to $39.85 per barrel in electronic deals yesterday as formal pit trading opened. However, other Iraq leaders are not aligned, which could heighten the attractions of Russian oil.
Forecasting firm PetroMarket ...
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