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Kurds Retake Crude Oil Station Neat Kirkuk, Iraq

Posted by: : Paul EbelingPosted on: January 31, 2015 Kurds Retake Crude Oil Station Neat Kirkuk, Iraq

Kurds Retake Crude Oil Station Neat Kirkuk, Iraq

Kurdish Peshmerga forces retook a small Crude Oil station near the Northern Iraqi city of Kirkuk which Islamic State insurgents seized earlier on Saturday, but the fate of 15 employees remained unclear.

Officials from the state-run North Oil Co said the militants had seized a Crude Oil separation unit in Khabbaz Saturday morning and said 15 Oil workers were missing after the company lost contact with them.

A company officials and a Kurdish military source said the Peshmerga forces had regained control of the facility Saturday evening and were combing it for explosives.

They were unable to confirm the fate of the 15 Crude Oil workers or provide details about the losses incurred by either side.

“We received a call from 1 of the workers saying dozens of Daesh fighters were surrounding the facility and asking workers to leave the premises. We lost contact and now the workers might be taken hostage,” an engineer from the North Oil Co said.

Kurdish military sources said Major General Hussein Mansour, who had mobilized a unit from Khanaqin to reinforce the Kurdish forces outside Kirkuk, was killed by a sniper in the fighting. The Mayor of Khanaqin confirmed the report.

ISIS troops seized at least 4 small Oilfields when it overran large areas of Northern Iraq last Summer, and began selling Crude Oil and Gasoline to finance their operations.

Khabbaz is a small Oilfield 20 km (12 miles) southwest of Kirkuk with a maximum production capacity of 15,000 BPD. It was producing around 10,000 BPD before the attack.

Islamic State insurgents attacked regional Kurdish forces southwest of Kirkuk Friday, seizing some areas including parts of the Khabbaz Oilfields.

Further South near Baghdad, 2 bombs in a central neighborhood and a farming district South of the capital killed at least 7 civilians Saturday, medics and police said.

It is difficult to confirm reports from hospitals in the area, which is mostly controlled by Islamic State (ISIS).

HeffX-LTN Analysis for OIL: Overall Short Intermediate Long
Bearish (-0.43) Neutral (-0.08) Very Bearish (-0.51) Very Bearish (-0.71)

Stay tuned…


Paul Ebeling

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.

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