Sunday, December 13, 2009

After the BRIC the BRINK

H/T Paul Kedrosky for pointing out to a new acronym via the WSJ. After the BRIC who defined oil demand in the past decade, the BRINK expected to define oil supply in the next one.
Brazil, Russia, Iraq, Nigeria and Kazakhstan: "Brazil has hosted a string of big discoveries, while Russia has defied expectations by overtaking Saudi Arabia's output. Kazakhstan is expanding three major projects, while a tentative peace is allowing Nigeria to start raising output.
The wild card is Iraq, where more licenses for foreign oil companies were awarded Friday. Contract terms encourage firms to maximize output quickly. Winners to date aim to boost output from five fields 12-fold to 8.5 million barrels per day."

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