Iraqi insurgency: Emergency aid and oil market concern

Denmark pledges 20 million kroner in humanitarian aid; meanwhile analysts fear oil disruption

Wonder if the overpriced food will go digital as well (photo: B Lund)
June 12th, 2014 3:07 pm| by admin
facebooktwittergoogle_pluspinterestmail

The Islamic State of Iraq and Syria (ISIS) group’s takeover of key Iraqi cities is causing acute humanitarian concern and producing uncertainty in the international oil market.

Emergency aid
The trade and development minister, Mogens Jensen, described the scale of the situation. “The militant Islamists’ brutal actions are extremely frightening and unseen in Iraq in the past 25 years,” he said.

 “We must react quickly to the need for emergency aid. In a very short period of time, a million people have taken flight in their own country,” he continued in a press release published today.

“I have therefore decided to provide 20 million kroner in an extraordinary grant, so the UN can quickly establish relief centres and camps for the displaced and administer acute food aid to families in need.”

Oil market responds
Meanwhile Børsen business newspaper reports that escalating security concerns in Iraq threatens to impact on oil production, potentially pushing up prices.

One of the occupied cities, Kirkurk, lies on an important pipeline running to the Mediterranean Sea, and this is particularly causing analysts to question the security of oil production from the country, which is the second biggest producer of the Organization of the Petroleum Exporting Countries (OPEC).

Richard Mallinson, an analyst at the London-based Energy Aspects consultancy, told the Financial Times that the integrity of the pipeline was of great significance. “The continued disruption of the Kirkuk-Ceyhan pipeline and the wider effects will moderate Iraqi output growth in 2014 and potentially in future years as well,” he said.

Børsen writes that the price of Brent crude cost $110.27 per barrel this morning compared to $108.83 at the beginning of the month.

Wonder if the overpriced food will go digital as well (photo: B Lund)
Lego goes digital … again
Fans of digital block-building games everywhere can once again build their ...
Are you ready for Copenhagen's largest street festival? (photo: Distortion)
Do not adjust your seats: This is Distortion!
Distortion June 3-7; various locations; tickets at billetlugen.dk; distort...
Kids can also celebrate Distortion (photo: iStock)
Who said Distortion was only for adults?
Distortion for Kids Final Party Sat 6 June, 12:00-16:00; Fisketorvet, Kalv...
The country’s most popular
street festival has become widely
palatable and might even break
even, but has it lost its charm? (All photos: Distortion)
From throwing caution to the bins to making Distortion respectable
In the first week of June each year, Denmark’s favourite street festiva...
This Spidey is dangerous in more ways than one (photo: Jysk)
Jysk recalls toxic children’s bed linen
Jysk is calling on any customers who have purchased Spider-man 2 bed linens...
Thailand is planning significant investments in infrastructure,the  health sector, green solutions and its retail business (photo: iStock)
Danish export to Thailand on the rise
The first few months of 2015 are looking promising in terms of Danish expor...