Times seems to think if ISIS grabs more oil fields the price will go up instead of further down. Hmmm
.................
This is true. Almost all of Iraq’s oil is in the southern shia areas. ISIS attacks are in the north. If they went around Bagdad and attacked further south likely the price of oil would go up.
As it is the instability in that country has already capped further oil production increases. That country was set to go from 3 million barrels @ day to six million barrels @ day. However, investors won’t be putting more money there until the war cools down considerably. That won’t be any time soon.
But what about the fact that ISIS takes over and sells for $30 a barrel? How would that make the price go up? Also stuffs about Libya now. They could start selling Libyan oil. Op-ed in today’s NY Post says they are now poised to take over the whole region of North Africa—Egypt, Algeria, Tunisia . . .