Youssef Ibrahim. $50 oil is due to the loss of Iraqi exports.
I concur. As producers like Iraq are taken off-line (what you have
to look at is average production rather than high points between shut
downs), we move to production in higher cost countries. This has
already driven up long term oil contracts (5 year futures) to $35 (from
the stable $20 price we enjoyed for 15 years). [John Robb's Weblog]