12-10-12 DocDinar (Article from the 12/5): China continues to heavily invest in Iraq. Today an article reported that China grabs Mideast oil as U.S. power dips. "China's muscling into Iraq's oil sector as Baghdad grapples with defections by international majors like Exxon Mobil, Chevron and Total."
"This is part of Beijing's drive to secure oil and natural gas resources in the Middle East and Africa as U.S. influences wanes. China's clout in Iraq, along with other parts of the Middle East, including Saudi Arabia, is bound to increase as the Americans' diminishes."
"Iraq's production is rising significantly, driven by international investment. This is currently 2.9 million barrels per day but that's expected to double by 2020. By the end of the decade, production capacity will likely be in the 6 million-8 million bpd range," the International Energy Agency noted Oct. 9."
"There's a new trade axis being formed between Baghdad and Beijing," observed IEA Chief Economist Fatih Birol. China's move into Iraq, which has reserves of 143.1 billion barrels of oil and 112 trillion cubic feet of natural gas, has only gone into high gear in the last 3-4 years. Beijing bought itself a lot of goodwill in 2010 by forgiving about 80 percent of Iraq's $8.5 billion debt to China." Read more