I don't get it

Quote from msfe:




Iraq is a member of OPEC ...

http://www.platts.com/opec/glance.shtml
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Only on paper. Iraq hasn't distributed oil through the OPEC cartel for over a dozen years now.

excerpt from your link,

"No quota:
None. Iraq does not have an OPEC quota. Between late 1996 and mid-March 2003,

and

"Not really a participant since 1990, when its invasion of Kuwait brought strict.."


btw thx for the link.

Fully agree with dgabriels comment: "Between the Ruskies and the Iraqi reserves, OPEC will get it balls cut off" Also noted the same in my earlier post here.

Take competition out of the market or control it's supplies and you control oil prices. Iraq has the second largest oil reserves.
 
Quote from AAAintheBeltway:


Regarding the bank debt, I'm sure a lot of pressure is being applied not to renounce it. There are historical precedents to renounce debt incurred by an overthrown regime, both for bank debt and sovereign bonds, eg Russia, China, Cuba. Is it such a bad thing that banks might be reluctant to lend to despots who are stealing their country's money? Here there is much better justification, since Iraq was a dictatorship and the debt was used to purchase arms largely from the lending countries. Who is more deserving, them or the Iraqi citizens?
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ONe thing is not being able to pay and another is not paying because you dont think it needs to be payed back .....I dont know much about this but the Iraqis will need more money in loans to get their infrastructure up to speed ( who will lend it to them if they dont pay?).....

Now you know why it may have not been such a good idea going in...this isnt about politics as you may have once thought...this is about doing the right thing.....

GO MARLINSSSSSSSSSSSSSSSSSS.....
 
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