| In less than a week, al Qaeda splinter group Islamic State of Iraq and Syria (ISIS) has seized several key cities in the north and center of Iraq, the world’s seventh-largest oil-producing country, causing Iraq’s largest oil refinery to shut down Tuesday and bumping up international oil prices as traders fear the escalating violence could inhibit oil production.
Energy industry watchdogs have expected Iraq to expand its oil production considerably in the next decade, which would help keep global oil prices stable and meet rising global oil demand, particularly in China.........................................Full Article: Source
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