Iraqi oil minister Abdul-Karim al-Luaibi was in Vienna for OPEC talks when Iraq’s second city fell to islamist fighters. He acknowledged that Iraq might not now be able to resume crude flows along the Iraq-Turkey pipeline, which has been closed since early March after sabotage, but insisted that the south of the country was “very, very safe” and that Baghdad would continue to export crude from its Gulf terminals.
Governments in oil-consuming countries will undoubtedly be hoping that Luiabi’s faith in Baghdad’s ability to protect its southern oil fields and export infrastructure is not misplaced.
But what if these jhadists, who have been able to take control of a huge swathe of northern Iraq, continue their push toward the south?
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