Heinberg quoted on Iraq oil
June 19, 2014
Post Carbon Senior Fellow Richard Heinberg was quoted in this article on the growing Iraqi crisis.
From the article:
California-based Post Carbon Institute expert Richard Heinberg said if a significant portion of Iraqi production goes offline, the global market simply has no way of re-balancing itself.
“The U.S. cannot increase production faster than it already is, and Saudi Arabia has been reluctant in recent years to quickly ramp up exports to make up for shortfalls elsewhere in the world system,” Heinberg stressed.
He added, if the U.S. and Saudis can’t fill the shortfall that means higher oil prices, ranging from US$116 per barrel all the way up to $200.
Global oil prices rose above a nine-month high of $114 per barrel on Thursday amid concerns over the scarcity of oil supplies because of developments in Iraq.