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Iraq Embraces China's Growing Oil Dominance

From the giant southern oilfields to the lively souks of Basra, China is drilling ever deeper into Iraq. Driven by an insatiable thirst for oil, Beijing secured a formidable position in Iraq's prized energy sector through auctions held four years ago. It is now seeking to buy 850,000 barrels per day (bpd) of Iraqi oil, 30 percent of estimated 2014 exports. Its dominant role in Iraqi oilfields sat uneasily with Baghdad at first. That changed when China's quick, cost-effective ramp-up ...

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