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Iraq balks at greater Chinese control of its oilfields

Reuters · Sarah Mcfarlane · last updated

LONDON/BASRA, May 17 (Reuters) — Iraq’s oil ministry thwarted three prospective deals last year that would have handed Chinese firms more control over its oilfields and led to an exodus of international oil majors that Baghdad wants to invest in its creaking economy.

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Related Knowledge Center: Energy security and pricing

State of Play

The United States achieved net energy independence in 2020, but that has not insulated the nation from the roiling of energy markets in the wake of the Russian invasion of Ukraine. Europe has been a large consumer of Russian natural gas, and the effort to wean itself, with the help of the United States, has strained markets and endangered global efforts to address the climate crisis.

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