Iraq

Iraqi forces block IS counter-attack in western Mosul

MOSUL: US-backed Iraqi forces advancing in the Islamic State group's stronghold in western Mosul fought off a counter-attack by the militants during bad weather in the early hours today, officers said. Some militants were able to get near elite Iraqi units in the southwestern part of the city, hidden among people displaced by the fighting, a senior officer told Reuters. Iraqi forces captured the eastern side of Mosul in January after 100 days of fighting and launched their attack on the districts that lie west of the Tigris river on Feb 19.

Fallacy of Peak Oil

Since the peak of June 2014, the price of oil has plummetted by about 70%. At the time when the price was in the vicinity of $140 per barrel, no one really believed it could ever come down. So-called oil experts talked about “peak oil” theory and how the petroleum reserves were dwindling and so the price of oil would never fall below $100 per barrel. Think-tanks that put out regular updates scared people by saying a barrel of Brent crude could cost about $200. This was a scary scenario for consumers, but music to those economies that live off commodities.