At Capacity

Joel Wing measures the Iraqi oil pipelines:

Weather, bottlenecks, and attacks upon pipelines account for themonthly fluctuations Iraq has experienced in the last few years.Otherwise the country is operating at just about capacity. That's whyoutput has hardly changed in the last 17 months. Its aginginfrastructure cannot handle much more. Luckily prices for Iraqi crudehave been increasing until May, which has meant a steady income for thegovernment. Even if prices decline more in coming months...