Category Archives: Middle East

Tensions In The Middle East…Who Produces What?

The good folks at JP Morgan recently released their Q2 Guide To The Markets. Inside was a map that shows in detail the % of the world’s liquid fuel being produced and transported through specific areas in the Middle East. Before everyone hits the panic button, just keep in mind the bulk of Iraq’s oil production and export facilities are in largely Shi’ite areas in the Southern part of the country, where al Qaeda-inspired groups enjoy little sympathy. Those facilities generally ship about 2.6 million barrels per day and seem (for the time being) to be extremely safe… Also keep in mind, the most recent data shows we imported about 341,000 barrels of oil per day from Iraq, which is just under 4% of our total crude oil imports.