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Hope for global crude supply despite Iraq's disintegration

The country is vital to the global crude supply, but the market has not panicked

With the world's third largest trove of conventional oil and by far its most ambitious production growth targets, Iraq is essential to global crude supply.  Almost half of the extra oil due on stream by 2020 will come from Iraq, the International Energy Agency (IEA) predicted in 2012. If the country failed to deliver this supply on time, said Fatih Birol, the agency's chief economist, global energy markets would be heading into troubled waters. The advance of the Islamic State of Iraq and the Levant (ISIL), capitalising on a more widespread Sunni protest movement in northern and western Iraq, now threatens the entire future of the country. A rerun of the sectarian war of 2007-08 could be ab

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