The news out of Iraq this morning is that the large, 300k bpd, Bajii refinery is about to fall into the hands of ISIS fighters. The oil market complex is nonplussed, probably because the lost output will not likely be replaced via imports given the lack of security within the country. 40 Indian construction workers have reported kidnapped, by ISIS forces, punctuating the fears for foreign workers. Conditions in Iraq will worsen rapidly, if the refinery production is lost. Electrical outages and fuel shortages will develop rapidly.
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