Iran seizes oil field in Iraq

December 18, 2009

(ChattahBox) – Iraq’s National Security Council said today that Iran violated their shared border and seized an oil field.  Crude futures jumped up 2.2% following the news. Oil well #4, one of Iraq’s largest in the al-Fakkah oil field lies in a disputed area along the two countries’ southern border.  Iranian forces positioned tanks and dug trenches around the well and opened fire against the workers who fled the worksite with no casualties. Iraq had previously accused Iran of siphoning crude oil from fields near its border with Iran and the two sides meet a few weeks ago to discuss oil and gas fields near the two countries’ shared border. the US military is playing down the incident confirming that Iraqi soldiers had taken control of the oil well but added it was in “disputed territory” near the border and happened fairly frequently.  Last week Iraq opened up bidding to foreign companies for the first time in 30 years, on oil service contracts but only seven of 15 oil fields, were bid on as oil companies stayed clear of unstable areas with a history of violence. The oil well seizure also comes after the Iranian government on Wednesday test-fired a medium-range missile that it said could strike Israel.



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