Monday, 11 October 2010

Bidding War

It sounds that Iran doesn't like the idea of being overtaken by its war-torn neighbor Iraq in terms of oil reserves.

It announced today that it has 150.31 billion barrels of reserves, up from a previous estimate of 138 billion barrels, a week after Iraq announced nearly 24 percent increase to its previous estimates, which stood at 115 billion barrels, to become 143.1 billion barrels.

"It looks like almost a bidding war," analyst, Amrita Sen of Barclays in London, told Reuters.

Both countries also say that they are playing it conservative as there are more reserves underground and new numbers will be announced in the near future.

Sunday, 3 October 2010

Fortune without minds

I just got an invitation E-mailed to me by the Iraqi Oil Ministry to attend tomorrow's press conference for its Minister, Hussein Al-Shahristani, to announce the revision for the current proven oil reserves that stand at nearly 115 billion barrels.

With the current estimates, which dated back to 1970s, Iraq is ranked fourth among OPEC's 12 members after Saudi Arabia with 264.59 billion barrels, Venezuela with 211.17 billion barrels and Iran with 137.01 billion barrels.

On August 2008, Iraq resumed oil exploration after more than two decades of wars and U.N. sanctions which prevented its oil industry from keeping pace with other major producers such as Saudi Arabia.

But will Iraqis be happy by tomorrow when Al-Shahristani utters the new figure? Will jubilant crowds go out to the streets to celebrate the new findings? Will the new announcement bring Iraqis any hope for good future?

I don't think so.

I think the Iraqis will be happy and have hope for good future when they know that there are brilliant and national minds of real statesmen in this country who know how to use the revenues of this fortune for the benefit of them not the minds of what they call themselves politicians but they are.....