World Events Summary: 17th – 23rd October 2017

Iraq: central government forces took back disputed territory from the autonomous Kurdish Regional Government. This included the crucial, due to its oil assets, Kirkuk area and other places occupied by the Kurds after beating back ISIS. The U.S. seemed to be guiding Baghdad to stay out of long-recognized KRG land but the probability of a major military confrontation has increased substantially. 

Iraq and Iran: the battle for the soul of Iraq came into the open with Secretary of State Tillerson trying to push Iraq and Saudi Arabia together, blocking Iranian influence. The Saudi Oil Minister made a high-profile visit to Iraq, while Iraqi PM al-Abadi visited Riyadh for the second time in 2017. Iraq will need massive investment to recover from ISIS occupation – giving Saudi a diplomatic opening. 

Russia and Resources: Russian government-controlled Rosneft stated that it will continue to invest in KRG territory (including the main export pipeline), regardless of Iraq’s claim of sovereignty. Oleg Deripaska’s EN+ aluminum and hydropower company has announced its intention to list in London, while the Qatar Investment Authority is, according to the FT, ready to invest c.US$1bn in the float.