CHINA'S INDEPENDENT OIL FIRMS ELBOW INTO IRAQ'S MAJORS-DOMINATED MARKET

China's independent oil companies are ramping up operations in Iraq, investing billions of dollars in OPEC's number two producer even as some global majors have scaled back from a market dominated by Beijing's big state-run firms.

Drawn by more lucrative contract arrangements, smaller Chinese producers are on track to double their output in Iraq to 500,000 barrels per day by around 2030, according to estimates by executives at four of the firms, a figure not previously reported.

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