IRAQ

Iraq Threat Recedes But Still Present As Northern Field Captured

The 30-31 January attack and brief capture by Islamic State (IS) of the Khabbaz oil field in northern Iraq highlights the continued threat to Iraqi oil facilities, and the difficulty in raising export volumes from the north on a sustained basis. Iraq needs to extract every drop of oil to prevent the budget deficit from ballooning further, but the battle against IS is sapping cash that could otherwise be used for the...