• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days The United States produced more crude oil than any nation, at any time.
  • 7 days e-truck insanity
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 7 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 6 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 7 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 11 days Bankruptcy in the Industry
Oil Moves Down on Inventory Rise

Oil Moves Down on Inventory Rise

Crude oil prices inched lower…

Pump Prices Set to Hit $4 a Gallon

Pump Prices Set to Hit $4 a Gallon

U.S. oil prices surpass $80…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

ISIS Still Hampering Iraqi Oil Industry Progress

ISIS Still Hampering Iraqi Oil Industry Progress

The U.S. military is helping Iraqi forces pushback ISIS at a vital oil refinery.

The Baiji refinery is located between Kirkuk and Mosul, and it has been the target of ISIS militants since the extremist group first made major advances last summer. Baiji is Iraq’s largest oil refinery, and as such, is strategically important to the country for revenues and for domestic fuel supplies.

“It actually also sits on a corridor that runs from the Tigris River valley to the Euphrates River valley. And so it's geographically significant as well as significant economically,” the chairman of the U.S. Joint Chiefs of Staff Martin Dempsey said at a press conference, offering up an explanation as to why the U.S. finds it so important to intervene. The U.S. is conducting air strikes on ISIS in order to aid Iraqi forces, but have thus far been unable to fully repel the attack. Related: Oil Price Recovery May Be Too Much Too Soon

ISIS had wrestled control of the refinery when Iraq was caught off guard in June 2014. They were subsequently pushed back with the help of U.S. airstrikes. Once again, however, ISIS is advancing. CNN reported on May 7 that Iraqi security forces only controlled about 20 percent of the facility, with the remaining 80 percent in the hands of ISIS. “The enemy has entered the Baiji refinery. They do control parts of it,” Pentagon spokesman Colonel Steven Warren told the press. Related: Oil Sector May Not Cause Financial Apocalypse After All

The refinery has been offline for several months due to prior attacks. Its closure nearly halted the production of refined petroleum products in northern Iraq, not counting the semi-autonomous Kurdish region, which has fended off ISIS militants. The Baiji refinery, before its closure, was producing 200,000 barrels per day of refined products. Related: How Shale Is Becoming The .COM Bubble Of The 21st Century

The advance of ISIS was largely halted in recent months, as combined attacks from Iran, Iraq, and the United States have taken their toll on the militant group. Aside from the Baiji refinery, Iraq’s oil production has not been affected. In fact, Iraq has managed to increase oil exports in recent months – hitting a record high of 3.08 million barrels per day in April.

Still, the Baiji refinery is crucial to Iraq’s future. The loss of control to ISIS would leave the country’s largest refinery in the militant group’s hands. If ISIS decided to sabotage the facility, it would amount to a massive setback for Iraq’s economy.

By Charles Kennedy of Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News