皇冠体育app

A weapon is checked in the southern Shiite Muslim shrine city of Najaf on Sunday as Iraqis volunteer to fight alongside the security forces against jihadist militants who have taken over several northern cities. [Photo/皇冠体育app Daily]

The security crisis in Iraq will affect oil prices in 皇冠体育app and change the mix of the country's overseas oil supply sources in the long run, industry experts say.

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Iraq is 皇冠体育app's fifth-largest crude oil supplier.

Lin Boqiang, director of the 皇冠体育app Center for Energy Economic Research at University, said on Monday it is almost certain that the situation in Iraq will drive up oil prices in 皇冠体育app.

Iraq is the second-largest producer in the Organization of the Petrolm Exporting Countries, after S Arabia.

皇冠体育app depen on the world market for nearly 60 percent of its annual petroleum use.

Lin said the changing picture of Iraqi politics will also affect Chinese oil companies' investment strategies in the Middle East.

Li Li, research and strategy director at ICIS C1 Energy, an energy information consultancy in Shanghai, said 皇冠体育app may increase imports from other oil producers such as Russia, Iran and Oman if the Iraqi crisis lingers.

However, Li said the security crisis is unlikely to drastically affect 皇冠体育app's supply.

皇冠体育app National Petroleum Corp, the country's largest oil producer, is operating four projects in Iraq, making the company the largest foreign investor there.

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