The standoff between the Iraqi government and Kurdistan over the past month helped push up oil prices, due to the idling of a sizable portion of the country’s crude oil exports. But Iraq probably won’t be the spark that starts a new bull run for crude oil. The seizure of the Kirkuk oil fields a few weeks ago, coming on the heels of the Kurdish referendum for independence, led to a temporary sidelining of some 400,000 bpd . The oil fields near Kirkuk—the Bai Hassan and Avana fields—are still reportedly not exporting crude, but that could soon change. In a humiliating climbdown, the Kurdistan Regional Government (KRG) has proposed a ceasefire with Baghdad, offering to freeze the results of the independence referendum. It’s largely an admission of defeat for the semi-autonomous region in Iraq—a recognition that the drive for independence has backfired. Kurdistan has become internationally isolated and has […]