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Iraq’s news is not all bad

Iraq’s news is not all bad

According to the International Energy Agency (IEA), Iraq’s oil exports for the month of September 2012 hit 2.6m barrels of oil per day, the highest level in more than thirty years.

The IEA expects Iraq to more than double its oil exports by 2020 to 6m barrels of oil per day.  At the current price that is export revenue of US$200 billion per annum.

Iraq’s official target is for exports of 12 million barrels of oil per day.  Comments from the contracted producers, Royal Dutch Shell, BP, Exxon Mobil, Lukoil and CNPC from China, in terms of the potential doubling or quadrupling of Iraq’s oil exports over this decade will be worth following.

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Chief Executive Officer of Montgomery Investment Management, David Buckland has over 30 years of industry experience. David is a deeply knowledgeable and highly experienced financial services executive. Prior to joining Montgomery in 2012, David was CEO and Executive Director of Hunter Hall for 11 years, as well as a Director at JP Morgan in Sydney and London for eight years.

This post was contributed by a representative of Montgomery Investment Management Pty Limited (AFSL No. 354564). The principal purpose of this post is to provide factual information and not provide financial product advice. Additionally, the information provided is not intended to provide any recommendation or opinion about any financial product. Any commentary and statements of opinion however may contain general advice only that is prepared without taking into account your personal objectives, financial circumstances or needs. Because of this, before acting on any of the information provided, you should always consider its appropriateness in light of your personal objectives, financial circumstances and needs and should consider seeking independent advice from a financial advisor if necessary before making any decisions. This post specifically excludes personal advice.

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