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Chinese EV Boom Could Crash Oil Prices

Chinese EV Boom Could Crash Oil Prices

Most oil majors acknowledge that…

Syrian Airforce Strikes Back At IS After Major Attack

Syrian fighter jet

A Saturday missile attack by the Islamic State against the eastern Syrian city of Deir ez-Zour was followed by an air strike by the Syrian military, the clash resulting in more than 30 dead. According to media, this was the biggest IS attack in Syria in the last few months.

The Deir ez-Zour province is rich in oil and is of special importance for IS because it connects its last remaining stronghold in the country, Raqqa, to territories under its rule in neighboring Iraq. The terrorist group controls large parts of the province, and two years ago it had control over the city as well.

According to reports, the targets of the IS attack were military posts in villages around the city of Deir ez-Zour. The Syrian military, for its part, hit a tank and three other IS vehicles. Some 20 of the casualties were IS members, media also say.

Another battle against IS is being fought in the north of Syria around the city of al-Bab. The terrorists’ positions are under fire from, on the one hand, Turkish forces and Syrian rebel groups, and on the other, from the Syrian army and various militias from Iran and Iraq that are affiliated with the Assad government.

Related: Where Will Oil Prices Go This Year?

Regional news website Ara News notes that the Turkish forces and their allies have been “bogged down” in the area for over a month without much success. The battle is controversial because of the hostility between Ankara and Damascus. Turkey supports some of the rebel groups opposing the Assad government, which in turn is worried about any growing influence of Turkey in Syria.

What’s more, Turkey has more than one target in the conflict: the country’s partner in the conflict, the U.S., recently told Ankara to focus its efforts on fighting IS, rather than the Kurdish Syrian Democratic Forces. Turkey has a violent relationship with the Kurds, and according to media reports, has said it would attack the SDF after it takes control of al-Bab.

By Irina Slav for Oilprice.com

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  • Bill Simpson on January 17 2017 said:
    The real war might start after the Islamic State is defeated. (Those suckers can fight [Insert Trump mark].) Dictator Erdogan is unlikely to get out of Syria. Assad will want him to leave. The Sunni residents in Anbar will want their own local rule, and could resist rule from Baghdad. Will the US leave and let the Kurds get slaughtered by the Turks? What will the Saudis and their Gulf friends do? Watch Iran and Russia slowly surround them, or keep supplying their fellow jihadis? I can't see peace breaking out in that region anytime soon. Putin will cause as much chaos as possible in an effort to keep oil production down.

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