The Turkey affair

The Turkey affair
The world crude situation faces another challange in that crude oil rose to a record $84.05 a barrel in New York last week Oct. 12/07 on concern Turkey may seek to quell Kurdish rebels by invading northern Iraq, a country with the world's third-largest oil reserves.
Turkish Prime Minister Tayyip Erdogan told reporters his country would pursue the Kurdistan Workers Party, regardless of diplomatic costs, according to an Agence France-Presse report. Northern Iraq holds some of the country's largest oil fields, including Kirkuk, the source of much of Iraq's exports.
Lets hope this situation will not have any possibility of affecting crude supply.
Crude oil for November delivery rose to close at $83.69 a barrel at 2:50 p.m. on the New York Mercantile Exchange, a record settlement. Earlier, the contract touched $84.05, the highest since futures began trading in 1983.
Brent crude oil for November closed at a record $80.55 a barrel on the London- based ICE Futures Europe exchange.
Turkey's government will present a bill to parliament today authorizing a possible incursion across the border within a year.. Turkey said this week it would launch a crackdown on the Kurdistan Workers Party, or PKK, after rebels killed 15 soldiers in southeastern Turkey.
Saudi Arabia has the world's largest reserves of crude, followed by Iran and Iraq.According to estimates Iraq produced 2.075 million barrels of crude oil a day in September.
So lets wait and see the outcome of this situation, all we can do is use less fuel and in this way force the petrol companies to lower their consumer prices.