OGJ Newsletter

Market MovementOil prices unaffected by Saddam's captureDespite earlier predictions to the contrary, the capture of Iraq's ex-President Saddam Hussein had no immediate effect on world oil prices.In a strategic brief issued Dec. 14 immediately after Saddam's capture, Michael C. Lynch, president of Strategic Energy & Economic Research Inc., Winchester, Mass., claimed that accomplishment "could cause a quick drop in oil prices, which currently have a security premium of about $5/bbl."He said, "Expectations that the military situation in Iraq will ease substantially and that [oil] exports through Turkey could add a quick 300,000 b/d to the market could cause a rout of the [financi...

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