By LIAM DENNING
Oil investors: Don’t forget Iraq. While Libya’s clashes dominate the oil market, Iraq will have far more impact on prices in the medium term. This weekend’s bomb attack on the Baiji oil refinery was a timely reminder.
Baiji is small, processing less than 0.4% of global oil supply. But the attack is troubling for two reasons.
First, it seems just two gunmen temporarily shut down the refinery. Baiji should be better prepared: It was Iraq’s No. 1 target for insurgent attacks in the first five years after the U.S. invasion, according to Peter Zeihan at Stratfor, a global intelligence firm.