Oil up as U.S. looks to Iran over Iraq
- 10 years ago
Shias volunteer to fight in Basra - there's going to be no quick fix to the crisis in Iraq.
That's sent oil prices rising again - Brent Crude almost touching $113 a barrell.
Eugen Weinberg is Head of Commodity Research at Commerzbank.
(SOUNDBITE) (German) HEAD OF COMMERZBANK'S COMMODITY RESEARCH, EUGEN WEINBERG, SAYING:
"Iraq is one of the world's most important oil exporters and producers. It is now number two within OPEC behind Iran. Even a small reduction of Iraq's output will have a huge impact on the oil price. We already have several other conflicts. The situation in Libya has deprived the market of 1.5 million barrels a day and another half a million barrels are missing due to sanctions against Iran ."
But Iran is now touted a possible solution to the crisis caused by the advance of Sunni militants.
There's even talk of talk between Iran and the U.S.
Darren Sinden from Titan Investment says that would have been unthinkable a few months
That's sent oil prices rising again - Brent Crude almost touching $113 a barrell.
Eugen Weinberg is Head of Commodity Research at Commerzbank.
(SOUNDBITE) (German) HEAD OF COMMERZBANK'S COMMODITY RESEARCH, EUGEN WEINBERG, SAYING:
"Iraq is one of the world's most important oil exporters and producers. It is now number two within OPEC behind Iran. Even a small reduction of Iraq's output will have a huge impact on the oil price. We already have several other conflicts. The situation in Libya has deprived the market of 1.5 million barrels a day and another half a million barrels are missing due to sanctions against Iran ."
But Iran is now touted a possible solution to the crisis caused by the advance of Sunni militants.
There's even talk of talk between Iran and the U.S.
Darren Sinden from Titan Investment says that would have been unthinkable a few months