McGraw-Hill Ryerson

McGraw-Hill Ryerson

March 27, 2006 13:30 ET

GAS PRICES SENSITIVE TO NIGERIA AND IRAN UNREST

Peter Tertzakian, author of A Thousand Barrels a Second, Points to Nigeria and Iran as the most volatile and influential countries in the global oil supply chain Attention: Assignment Editor, Books Editor, Business/Financial Editor, Energy Editor, News Editor WHITBY, ONTARIO, MEDIA ADVISORY--(CCNMatthews - March 27, 2006) - As a leading expert in energy, Peter Tertzakian answers the key questions, such as:

Why are the oil markets so sensitive to geopolitical events, such as those in Iran and Nigeria?
Two of the 17 major oil exporting countries are Canada and Norway; countries that are democratic, politically stable, and strongly grounded in the rule of law. Most of the remaining 15 suppliers - countries like Iran, Nigeria, Venezuela, and Iraq - wouldn't make it onto any preferred supplier list. Oil in these countries is not only buried under rock, it's buried under layers of authoritarianism, corruption, geopolitical intrigue and in the worst cases, civil strife.

In which country is there the greatest risk of oil disruption today?
Though all eyes of the public seem focused on the atomic ambitions of Iran, Nigeria is at the greatest risk of oil disruption today. Plagued with civil unrest and insurgency, this country is one of the world's leading oil suppliers, producing approximately 4.0 million barrels per day, and fulfilling just under five percent of the world's demand.

Why is everyone fixated on Iran?
Iran is a very strategic country; in fact, much more strategic than Iraq. Iran produces 4.0 million barrels per day - Iraq only about 1.5 million on a good day. Iran's contribution to world supply is much more meaningful, and any disruption - militarily prompted or otherwise - would reverberate in oil markets around the world.

Find out more answers to these questions and many more in Peter Tertzakian's new best seller A Thousand Barrels A Second.

About the Author:
Peter Tertzakian is Chief Energy Economist and Director of ARC Financial Corporation, one of the world's leading energy investment firms. Tertzakian is available for media interviews through McGraw-Hill Ryerson.

IN: ENERGY

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