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PetroChina Threatens To Withdraw From Iraq

Politics, Geopolitics & Conflict

- PetroChina is allegedly threatening to pull up stakes in the southern Iraqi governorate of Maysan after another round of protests outside the oil company’s headquarters demanding improved services and infrastructure. Police dispersed the protesters, but not before Iraqi media sources claimed that PetroChina had threatened that if protests continued they would withdraw to another governorate or from the country entirely, which would deprive Iraq of 500,000 bpd.

- While Libyan officials have already mentioned their plans to increase oil output to 2 million bpd (from the current 1.2 million bpd), the NOC made the proclamation official this week, with its new chairman promising a “medium-term” plan to make it happen over the next three to five years. This won’t be an immediate boost to the market, and given the rival prime ministers and militia factions simply in a holding pattern as all sides attempt to strengthen their positions, anything can happen in that timeframe.

- Nuclear deal talks with Iran ended in Vienna this week without a resolution but everyone was sent home with a “final draft” agreement that requires green lights all around. Iran said on Friday that the EU’s proposal could be “acceptable”--at least if it gets an assurance “on the issues of safeguards, sanctions and guarantees”. Chiefly, Iran wants assurances that future U.S. Presidents cannot…

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