Implode-o-Meter News - The real reason oil traders worry about Iraq (Oil Prod. Has Already Massively Undershot)

Even if Iraq's southern oil fields and export facilities remain untouched by the horrifying violence that's swept the north, once widely-held expectations for a doubling or even tripling of Iraqi oil production in coming years likely need to be scaled back, analysts say. And if so, expectations that the price of a barrel of Brent crude could drop back below triple digits might be dashed as well.
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The International Energy Agency in October 2012 forecast Iraqi production would more than double to 6 million barrels a day by 2020 and would top 8 million barrels a day by 2035. The forecast saw Iraq playing a key role in servicing growing demand from Asia, particularly China, and saw Iraq overtaking Russia to become the world's second-largest oil exporter by the 2030s. The Iraqi government has set a target for daily production of 10 million barrels a day by 2017.
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Iraqi oil production eventually began to gather steam, topping 2 million barrels a day in 2007 and hitting a peak of 3.6 million barrels a day in February, according to the IEA. For now, analysts are downplaying any major threat to Iraqi exports, which are pegged at around 2.5 million barrels a day.

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The real reason oil traders worry about Iraq (Oil Prod. Has Already Massively Undershot)