Citi's commodities team believes Iraqi oil production is set to explode in the coming years, causing prices to turn downward.
In a massive survey helmed by analyst Edward Morse, Citi's team projects Brent crude to fall to $99 next year.
One of the main reasons: Iraq's oil production is poised to reach heights never seen in its history — neither prior to America's 2003 invasion nor in Iraq's '80s heyday.
1 comment:
What one thing that would solve the economic downturn-lower gas to $1.50 a gallon and watch the economy take off!
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