3 Energy Stocks Positioned to Benefit From Iraq's Oil Ambitions
Iraq could fuel growth for these oil companies in the coming years.
Overview
Iraq's oil business has always been in the shadow of fellow OPEC member Saudi Arabia, an organization it helped co-found at the Baghdad Conference in 1960. It now wants to come out of the shadows. Iraq recently sent a delegation to Saudi Arabia seeking a higher output quota from OPEC. It has previously warned that it could follow the UAE's lead and leave OPEC if it can't raise its output.
Iraq doesn't just want a small production boost. It wants to grow its production to between 8 million and 10 million barrels per day (bpd) within six years. That's more than double the 4 million bpd it had been producing before the war with Iran slowed oil flows out of the Strait of Hormuz. It would rival Saudi Arabia, which can produce up to 12 million bpd.
Details
Here are three energy stocks positioned to benefit from Iraq's oil ambitions.
Source
Originally published at www.fool.com.
Related Articles
- Ukraine is targeting Russia’s retail giants. Ozon is the next economic pressure point
- 47% say they don't think they'll ever be able to fully retire. This tool could be a solution for guaranteed income
- I Own SCHD, and I Still Believe in It. Here's Why I Also Bought This 10.5%-Yielding ETF Almost Nobody Knows About.