Oil Industry in Iraq Faces Setback to Revival

submitted by Margery Schab

Standing guard at Iraq’s Al-Basra Oil Terminal. Iraq has re-emerged as a critical source of oil in recent years.
Credit Nabil Al-Jurani/Associated Press

nytimes.com - by Clifford Krauss - June 13, 2014

After a long history of wars and sanctions, Iraq re-emerged as a critical source of oil in recent years. Mounting Iraqi production helped to ease world oil prices despite the tightening restrictions on Iran and tanking exports from Libya. And Western and Chinese oil companies rushed back, revitalizing long-neglected oil fields in the north and south.

Now suddenly all that progress has been put in jeopardy with the intense military offensive by extremist insurgents.

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