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Iraq wakes up the oil market

Published Friday, June 13th, 2014

Only 60 miles from Baghdad and counting. That was the update this morning from the BBC on the advance of ISIS towards the Iraqi capital. While ISIS marches south the Kurds took over control of the important oil town of Kirkuk. Iraq is disintegrating along sectarian lines and western Middle Eastern policy is in tatters.

President Obama says that he has not ruled out military intervention. Hilary Clinton on her book tour says that Nouri al-Malaki failed to run an inclusive government and is now reaping the consequences. He could not even persuade a quorum of MPs to attend parliament. How long before Iran enters the conflict more openly?

The Sunni/Shia conflict which Tony Blair has warned endangers the world and which many feel he did a lot to provoke is back on the front page. The Middle East is very unstable and geopolitical risk, for too long ignored, is firmly back on the agenda. Turmoil in the Ukraine and the Middle East should be sending growth forecasters back to the drawing board.

to read the rest of the report, please click here 

Posted by David Hufton