The Beiji plant, Iraq’s biggest oil refinery, has become the latest target of the escalating conflict in the country, raising concerns over oil production in the region.
As oil majors begin to pull their staff from surrounding operations and with the threat of the Isis militia taking over the country’s capital Baghdad, market analysts expect “difficult times” for the industry in the medium term.
But they also forecast an increased level of Middle East output in the upcoming weeks, as the operators attempt to export as much as possible before the conflict worsens.
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