China Is Reaping Biggest Benefits of Iraq Oil Boom
Since the American-led invasion of 2003, Iraq has become one of the world's top oil producers, and China is now its biggest customer.
China already buys nearly half the oil that Iraq produces, nearly 1.5 million barrels a day, and is angling for an even bigger share, bidding for a stake now owned by Exxon Mobil in one of Iraq's largest oil fields.
Before the invasion, Iraq's oil industry was sputtering, largely walled off from world markets by international sanctions against the government of Saddam Hussein, so his overthrow always carried the promise of renewed access to the country's immense reserves. Chinese state-owned companies seized the opportunity, pouring more than $2 billion a year and hundreds of workers into Iraq, and just as important, showing a willingness to play by the new Iraqi government's rules and to accept lower profits to win contracts. Please continue reading at: http://www.nytimes.com/2013/06/03/world/middleeast/china-reaps-biggest-benefits-of-iraq-oil-boom.html
Oil falls below $92 after data shows manufacturing in China isn't picking up the pace
The price of oil remained below $92 after a private survey showed a worse-than-expected dip in China's manufacturing for the month of May.
Benchmark oil for July delivery fell 12 cents to $91.85 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contact fell $1.64 to close at $91.97 Friday in New York.
Please continue reading at: http://www.foxnews.com/world/2013/06/03/oil-falls-below-2-after-data-shows-manufacturing-in-china-isnt-picking-up-pace/
