China Is Reaping Biggest Benefits of Iraq Oil Boom

[Lakhota]

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.”

The depth of China’s commitment here is evident in details large and small.

More: China Is Reaping Biggest Benefits of Iraq Oil Boom - The New York Times - By TIM ARANGO and CLIFFORD KRAUSS

So, it looks like the Bush invasion accomplished two things in Iraq: 1) Close ties to Iran and 2) China gets the oil. A lose/lose scenario for the US.

 

[whitehall]

I thought the left said we did it for the oil? What happened? The truth is that president Hussein told us that he will "wean the US off oil dependence" but the problem is that the freaking sun and wind are not going to replace fossil fuel. Next thing you know the US becomes a fuel starved 3rd world country while China becomes rich on cheap energy. Satisfied yet lefties?

 

[Mad Scientist]

That's the Freedom your sons and daughters died for so you'd better be grateful and respectful.

Now shut up, have a beer and watch TV, preferably MSNBC.

 

[Wyatt earp]

Old news, and like the poster said above. The left looks like fools now with their No Blood for oil B.S.

 

[TheOldSchool]

Old news, and like the poster said above. The left looks like fools now with their No Blood for oil B.S.

Lol it's the left that looks like fools?

 

[Lakhota]

I thought the left said we did it for the oil? What happened? The truth is that president Hussein told us that he will "wean the US off oil dependence" but the problem is that the freaking sun and wind are not going to replace fossil fuel. Next thing you know the US becomes a fuel starved 3rd world country while China becomes rich on cheap energy. Satisfied yet lefties?

Thank Bush for making Iran and China the beneficiaries of his illegal invasion. Saddam kept the lid on.