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Thread: China Is Reaping Biggest Benefits of Iraq Oil Boom

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    China Is Reaping Biggest Benefits of Iraq Oil Boom

    Well if the war in Iraq was for oil we lost out because China in the biggest benefactor.



    BAGHDAD — 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.

    “The Chinese are the biggest beneficiary of this post-Saddam oil boom in Iraq,” said Denise Natali, a Middle East expert at the National Defense University in Washington. “They need energy, and they want to get into the market.”

    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.

    “We lost out,” said Michael Makovsky, a former Defense Department official in the Bush administration who worked on Iraq oil policy. “The Chinese had nothing to do with the war, but from an economic standpoint they are benefiting from it, and our Fifth Fleet and air forces are helping to assure their supply.”

    snip


    http://www.nytimes.com/2013/06/03/wo...pagewanted=all

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    China Is Reaping Biggest Benefits of Iraq Oil Boom

    Should have made the war about oil and we should have taken it.
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    Re: China Is Reaping Biggest Benefits of Iraq Oil Boom

    It just decreases pressure on another supplier. Picture all the oil in the world as one big bucket. It really doesnt matter where the oil comes from excpet for some transportation cost.
    God Bless the Marine Corps.

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    Re: China Is Reaping Biggest Benefits of Iraq Oil Boom

    Quote Originally Posted by pbrauer View Post
    Well if the war in Iraq was for oil we lost out because China in the biggest benefactor.



    BAGHDAD — 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.

    “The Chinese are the biggest beneficiary of this post-Saddam oil boom in Iraq,” said Denise Natali, a Middle East expert at the National Defense University in Washington. “They need energy, and they want to get into the market.”

    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.

    “We lost out,” said Michael Makovsky, a former Defense Department official in the Bush administration who worked on Iraq oil policy. “The Chinese had nothing to do with the war, but from an economic standpoint they are benefiting from it, and our Fifth Fleet and air forces are helping to assure their supply.”

    snip


    http://www.nytimes.com/2013/06/03/wo...pagewanted=all
    I guess you could say the same thing about why we invaded Libya
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    Re: China Is Reaping Biggest Benefits of Iraq Oil Boom

    Quote Originally Posted by stonewall50 View Post
    Should have made the war about oil and we should have taken it.
    China has taken your pork now. They bought over the world's biggest hog producer.

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    Re: China Is Reaping Biggest Benefits of Iraq Oil Boom

    Frankly, I don't believe the war in Iraq ever was for oil.
    "God is the name by which I designate all things which cross my path violently and recklessly, all things which alter my plans and intentions, and change the course of my life, for better or for worse."
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    Re: China Is Reaping Biggest Benefits of Iraq Oil Boom

    What do you think it was for?
    Quote Originally Posted by lizzie View Post
    Frankly, I don't believe the war in Iraq ever was for oil.
    God Bless the Marine Corps.

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    Re: China Is Reaping Biggest Benefits of Iraq Oil Boom

    Quote Originally Posted by mak2 View Post
    What do you think it was for?
    Sure as hell wasn't for oil, that I can testify to. Other then that, hell if I know why we went.
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    Re: China Is Reaping Biggest Benefits of Iraq Oil Boom

    Quote Originally Posted by mak2 View Post
    What do you think it was for?
    Political ideology.
    "God is the name by which I designate all things which cross my path violently and recklessly, all things which alter my plans and intentions, and change the course of my life, for better or for worse."
    -C G Jung

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    Re: China Is Reaping Biggest Benefits of Iraq Oil Boom

    I dont know. I really dont, at the time I really thought it was about WMD. I dont think we ever go to war for anything as noble as ideology. I think it is simple greed of one sort or another. Lots of money in war with or without oil.
    Quote Originally Posted by lizzie View Post
    Political ideology.
    God Bless the Marine Corps.

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