Sunday 15, June 2014 by Matthew Amlôt

Fitch: Iraqi militant attack raises long-term oil uncertainty

The seizure of Mosul and attacks on Tikrit by jihadi group ISIS are not an immediate threat to Iraq's oil production, or the ratings of Western investment-grade oil companies, Fitch Ratings says. But if conflict spreads and the market begins to doubt whether Iraq can increase its output in line with forecasts there could be a sharp rise in world oil prices because Iraqi oil production expansion is a major contributor to the long-term growth in global oil output.

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