China And Russia Execute A Pincer Movement Around Iraq’s Biggest Oil Assets

Crucial to Iraq’s plan to increase its oil production capacity to around 7 million barrels per day (bpd) by 2027 are the supergiant fields of Rumaila and West Qurna 2, as analysed in depth in my new book on the new global oil market order. Within the last two weeks, Russian state oil proxy Lukoil agreed to dramatically increase output from West Qurna 2. At around the same time, Daqing Drilling Engineering Company – a subsidiary of Chinese state oil proxy China National Petroleum Corporation (CNPC) – was awarded…