So, overnight, the world has another 29 billion barrels of oil after Iraq decided to upgrade its proven reserves from 114 billion to 143 billion barrels based on new evaluations of West Qurna and Zubair fields in the south. That’s pretty much an entire year of global demand right there. Although the details are a more »
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Had the thwarted al-Qaeda in the Arabian Peninsula (AQAP) attack on Yemen's oil industry succeeded, its impact would have been immense. This country of 25 million people now suffers greater dependency on oil exports than its neighbour Saudi Arabia, although it produces 50 times less. A generation ago, when Yemen didn't know it had oil, the country's biggest source of foreign exchange was Yemenis themselves, the two million worked across the Gulf and sent remittances home.