Iraqi Oil Everywhere and Not a Drop for Sale

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Aug. 21 (Bloomberg) -- Willem Marx reports on Iraqi oil production on “Market Makers.” (Source: Bloomberg)

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Willem marx traveled to this area and disputed.

What have you been finding?

In my research all life wind up hearing about is how reduction is still relatively up to par in the region.

In the kurdish region proper, that is true, they are still pumping oil.

They have been tightlipped about how much they're pumping because they do not want baghdad to know the exact amount.

In the area i was in yesterday, they are really struggling to get anything out.

They are not able to export the oil.

The major refinery is struggling.

Getting gasoline is a big challenge.

Are they successful and processing their own oil and shipping it out themselves?

Say that again?

Has isis been successful and refining oil and shipping it out themselves?

They have been buying from small refineries.

They have been taking the crude from the wells in the country.

They are using truck to ship it north and sell it to the private buyers.

We went down this morning to a local refinery opening up tomorrow and we talked to the investor.

He said he will start producing 6000 barrels per day to turn crude into oil.

Demand here is so high for gasoline, kerosene and benzene.

I have to ask you about your safety.

You have been on the ground covering the events for a few days now.

Before that you were in israel.

Obviously you must be close to isis forces at some time.

Since then jim foley incident, do you feel safe?

Are you taking extra precautions?

Not particularly.

We are in a very safe enclave.

Traveling down to the front line you get a little nervous but there are cap lines everywhere.

Unlike james foley operating in a very lawless part of cereal when he was captured.

You mentioned the oil fields are not really producing.

What are local people doing for gasoline.

What is the real issue?

Parts of the iron he is the world's fifth-largest world exporter, they are having to get products to fill a car.

It means you are taking three or four more times than a month ago.

People say this is obviously quite disastrous for them.

Joining us outside of herb you'll.

We really appreciate your update.

Interesting to look at the relationship when it comes to

This text has been automatically generated. It may not be 100% accurate.


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