In the middle of all doom and gloom in Iraq, the crude oil can collapse, as it is apparent that Iraq holds double the oil initially assessed
Marla Guthrie
Apr. 19, 2007

The news from Iraq is anything but good. But the crude oil futures traders and hedge funds holding long-term futures are now totally scared at news from the financial media. Iraq is now believed to hold double the amount of oil than assessed before.

The news is distinctly bearish for oil market and oil stocks. Iraqis need the revenue from the oil and the rest of the world wants that oil as soon as possible. In an interesting move, Saudi Arabia has decided to waive an eighteen billion dollar loan to Iraq. There are talks in the street that Saudis may take the lead role to help Iraq generate the output needed for the prosperity of Iraq and the rest of the world.

If that happen sin the next several years, crude oil can reach $20 a barrel!

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