RIA Novosti: Rise of IS Means Iraq May Not Be Global Oil Industry Savior - Energy Security Expert

The Islamic State's takeover of Northern Iraq and the Kurdistan region calls into question global economic development and future control of oil resources in the region, Steve Levine, an energy security expert and fellow at the New American Foundation told RIA Novosti Thursday.

“Iraq is a pivot point in the global economy. The global oil industry drives the economy around the world. By the end of the decade, economists have looked to Iraq as the savior to sustain the volume being produced at 90 million barrels of oil per day and take up the growth that is expected in the global economy,” said Levine in a discussion hosted by the New America Foundation’s National Security Program.

According to Levine, all of that is jeopardy as a result of the destabilization of Iraq by the Islamic State, formerly known as ISIS.
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