Iraq and oil majors BP (NYSE:BP), Shell (NYSE:RDS.A) and Lukoil have agreed to resume investments in oil fields the foreign groups are developing, which is expected to raise the country’s crude output by 250,000-350,000 barrels per day in 2017, Reuters reported on Thursday, quoting Iraqi officials—a move that has the potential to aggravate the supply glut and muddy the waters of the additional OPEC meeting in September, which some were glass-half-fulling might end with a production cap of some sort.
ISIL, a breakaway group from al Qaeda in Iraq, is basically a part of the Sunni Resistance to the 2003 US invasion and occupation of Iraq. The US had made unsuccessful, half-hearted, and not always judicious attempts to build an Iraq that could accommodate the three main groups: the Shias, the Sunnis, and the Kurds. But, Prime Minister Nouri al-Maliki, who took office in 2006 with support from the US and Iran carried out a policy of alienating the Sunnis and the Kurds. His reckless partisan policies created the conditions for the emergence of a formation called Islamic State of Iraq (ISI) to grow and derive support from the Sunni population.


