(Bloomberg) -- Iraq said its oil exports would stay steady this month and rise slightly in February.Most Read from BloombergCrypto Crash Erases More Than $1 Trillion in Market ValueMorgan Stanley’s Slimmon Warns Against Buying Growth-Stock DipU.S. Stocks Historically Deliver Strong Gains in Fed Hike CyclesPutin Could Burst Xi’s Olympic Dream With a War in UkraineCrude shipments will probably average 3.2 million barrels a day in January from fields controlled by the central government, Ali Nizar,
Last weekend, I wrote about how irrational exuberance unduly escalates asset values, taking a page from the 1990s speech of Federal Reserve legend Alan Greenspan, to shine a light on the oil market which racked up double-digit gains in the first two weeks of the year on more hype than fact. Crude prices did fall as much as 5% initially on Friday in sympathy with Wall Street, but pulled back later to end the day just 1% lower and up for a fifth straight week. Aside from Greenspan, I was reminded this week of the wisdom of John Maynard Keynes who said, “Markets can remain irrational longer than you can remain solvent”.
Russia is rushing to raise its oil output, but there are several headwinds that can impact Moscow’s planned expansion