oil

As Iraq appears to be descending into all-out sectarian war, the implications for the oil-dependent economy are huge. Iraq is Opec’s second-largest crude exporter, so markets are already feeling a little jittery, sending crude oil to its highest since September on Friday. Here are five charts showing how Iraq’s economy has developed since the 2003 US-led invasion of Iraq and where its vulnerabilities lie. Read more >>

Simone Baribeau

Reuters has an interesting interview with the Nigerian central bank chief warning that the government should not count on oil prices of more than $60 per barrel. His comments come as the country’s legislature is currently considering cutting its estimated price of oil from $67 to $55 – which would slash some 15 per cent from the country’s budget, even before cutting estimates for output. Worth a read.

Nigerian central bank chief Lamido Sanusi added his weight on Wednesday to discussions on a review of the 2010 budget, questioning current assumptions both for the price of oil and on domestic output levels. Read more >>

Oil trades may be denominated in a basket of currencies, rather than the US dollar. Brazil is having a good week, and there are growing calls for IMF reform to go further than that agreed at the G20 Pittsburgh meeting Read more >>

The World Bank questions the supremacy of the United States, as other commentators question the legitimacy and usefulness of the World Bank. Bad news for ‘developed’ countries; good news for ‘emerging’ markets; and questions over the distinction between them Read more >>