The battle for the control of Iraq’s biggest oil refinery is still raging, with no clarity on who is in control of this prized asset. Some reports say that insurgents belonging to the Sunni militant group of Islamic State of Iraq and Syria (ISIS) have already taken control of the Baiji refinery, located 250 km away from Baghdad, after the army and its helicopters failed to repel the attack. The insurgents are reportedly battling a battalion of Iraqi army supported by air.
If the refinery falls into the hands of the rebels, it will be a big blow to the authority of the Iraqi government and provides the insurgents with a lucrative source of income.
The picture is, however, still uncertain with some conflicting reports saying that the refinery is still under the control of Iraqi security forces. The capture of the refinery by Sunni militants is unlikely to affect global oil prices. This is because the refinery, which accounts for a quarter of the Gulf state’s refining capacity, produces products for domestic consumption only. It is not really important for global oil supply as it does not export petroleum. Iraq’s largest oil fields are in north- eastern and south-eastern areas and are largely protected from the ongoing fighting.
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