1 September 2004
Iraq
STABILITY OF Iraqi crude supply continues to prove elusive, with estimated production in June of 1.75m b/d—representing a month-on-month decline of almost 200,000 b/d. Insurgents seem able to disrupt plans to organise steady increases in exports and the Coalition Provisional Authority's (CPA's) Restore Iraqi Oil (RIO) project failed to meet its aim of bringing production back to 2.8m b/d by April 2004. Deteriorating security The deteriorating security outlook has prompted the US Department of Energy's Energy Information Administration (EIA) to adjust its projections for Iraqi oil export earnings in light of continuing security worries. It now forecasts earnings from exports will amount to $1
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