After Iraq's Oil Ministry approved Inpex, the big oil corporation of Japan, to sell its share of Iraq's biggest oil discovery, 'Block 10', Russia is set to take control of it for 20 years.
Iraq's Eridu oil field is estimated to have reserves of seven to ten billion barrels based on preliminary estimations. Speaking exclusively to OilPrice.com last week, senior Russian oil sector insiders stated that the genuine figure might be as much as 50% higher than the higher figure of that bracket. Either way, Russia and its main geopolitical ally, China, seek to control the entirety of the largest oil discovery in Iraq in the previous 20 years, the Eridu field, which is located in the Block 10 exploration and development zone. According to an exclusive interview with OilPrice.com, Moscow, and Beijing want to "end [the] Western hegemony in the Middle East [that] will become the decisive chapter in the West's final demise" and to keep Baghdad closer to the new Iran-Saudi axis. This is in l...