MESOP : THE ECONOMIC CONSEQUENCES OF IS AGGRESSION
Chevron cuts Kurdistan staff, Exxon said to be evacuating – Aug 7 2014, 14:28 ET | About: Chevron Corporation (CVX)
- Chevron (CVX -0.2%) says it is reducing overseas staff working in the Kurdish region of Iraq as Islamic State militants push their offensive closer to the area.
- Unconfirmed reports say Exxon Mobil (XOM -0.8%) also is evacuating staff from Kurdistan.
- The capture of Qara Qosh, east of Mosul, brings the militants within 40 miles of the province of Erbil, where the capital of the Kurdistan Regional Government is located.
- Brent crude prices rose above $105/bbl today on the reports, as well as a decline in U.S. oil inventories; West Texas crude moves past $97.
- Earlier: Kurdistan oil producers plunge as Islamic militants advance on the region.