Iraq’s Precarious Stability
Iraq’s crude production seems to have found stability around the 4.2‐4.4 million b/d level despite disparate difficulties in either the Kurdish north or Iraqi south. Yet, the political situation in Baghdad is still quite precarious perhaps explaining why production has not sustained higher levels. At the same time, the battle for market share is intense. As a result, we do not expect higher Iraqi output and do see continued difficulties maintaining output.