Middle East Economic Survey

VOL. XLVII

No 25

21-June-2004

IRAQ

Iraq's Oil Industry: The Endemic Problem

Iraq ceased oil exports last week because of sabotage to the southern and northern pipeline systems. The oil markets response was initially subdued, despite generally high price levels and a tight supply/demand balance. The domestic significance of these attacks, however, is increasing. The symbolism of Iraqs main source of revenue being reduced to zero just days before the transfer of some...