Opec under siege as Isil threatens world’s oil lifeline

Thick black smoke rising from the Baiji oil refinery could be seen as a dirty smudge on the horizon as far away as Baghdad after fighters from the Islamic State of Iraq and the Levant (Isil) set fire to the enormous processing plant just over 100 miles north of the capital last week.

The decision to torch the refinery, which once produced around a third of Iraq’s domestic fuel supplies, was made as the insurgents prepared to pull out of Baiji, which they captured last June in a victory that sent shock waves across world oil markets.

  • canminuteman

    It’ll be good for us!

    • I agree completely.

      The Chinese and other importers of Middle East oil will drive the price of US oil (presently capped off) sky high.

      If the jihadis do a real good job of destroying the Middle East oil infrastructure – they will be cutting off their own money supply.

      What a bunch of geniuses.

      Go for it boys.

      • Frau Katze

        Things are showing signs of improvement for some OPEC members. Saudi still doing well. Libya, not at all, hardly shipping anything.

  • mauser 98