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Mil and all
I'm not sure that Mil is right when he says this that dropping sanctions would not affect the price of oil. The Financial Times reported yesterday that the high price of oil was a "paper price" and that the oil refineries in Europe and the US were working up to capacity, so suggesting that there is not as yet a genuine shortage of supply. So paper speculation is defintely of significance in the oil price. Who can say what the financial markets will do but a move which would suggest an increase in Iraq's oil production in the long term could have a "paper effect" on the oil price.
Milan Rai <email@example.com> wrote:
Dropping sanctions on Iraq would not have a short term impact on oil
supplies, because Iraq is pumping as much as it can already. The
psychological impact could nevertheless affect prices marginally, I guess.