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ExxonMobil’s withdrawal from West Qurna 1 invited PetroChina to lead development over the oil field. West Qurna 1 holds over 20 billion barrels of oil in its reserves and is a key asset in Iraq’s oil industry. The handover marks the decline of Western and American hegemony in the Middle East. ExxonMobil broke off talks of leading the Common Seawater Supply Project (CSSP), which can help Iraq become the world’s largest crude oil producer. Chinese influence continues to grow in the Middle Eastern Oil markets, further reducing America's dependence. 

China Replaces Western Energy Firms in Iraq’s Supergiant Oil Field

ExxonMobil’s withdrawal from West Qurna 1 invited PetroChina to lead development over the oil field. West Qurna 1 holds over 20 billion barrels of oil in its reserves and is a key asset in Iraq’s oil industry. The handover marks the decline of Western and American hegemony in the Middle East. ExxonMobil broke off talks of leading the Common Seawater Supply Project (CSSP), which can help Iraq become the world’s largest crude oil producer. Chinese influence continues to grow in the Middle Eastern Oil markets, further reducing America’s dependence. 

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