"Prices could rally $5-10 on Iraqi disruptions, possibly more as low liquidity is driving bigger swings than usual," he projected.
"Even partial declines in Iraqi oil output and exports may have a significant upward impact on crude benchmark prices in Asia and Europe," France said. "China and India are top importers of Iraqi crude oil, receiving an estimated 797,000 bpd and 817,000 bpd in August," said France.