Iraq Seals the Deal with China ... Bad News for US Oil Giants

Here is an interesting bit of news ...

China Seals $3 Billion Oil Deal With Iraq

Why is that interesting? Because of this story ...

Iraq May Abandon Contracts With Other Foreign Companies

The Iraqi government is likely to abandon plans to sign short-term contracts with foreign oil companies, negotiations over which have been halting, a senior U.S. diplomat in Baghdad said on Sunday.

So, in other words, now that Iraq has an oil deal with China, it no longer needs the lop-sided deals it signed with the US and European oil majors.

Tell me, why did we invade Iraq again? Looks like the oil angle may not be working out.

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