Oil in Global Economy Series: Key updates on Iraq-Kurdistan conflict

After amassing thousands of troops near Kurdistan border over the past week, Iraq has launched an offensive against Kurdish peshmerga forces on Monday to gain back control of the disputed region of Kirkuk and maybe more. Iraqi region of Kirkuk went to hands of Kurdistan after Iraqi military fled the region against assault from terrorist group ISIL/ISIS back in 2014. Kurdish forces defeated ISIL to gain control of the region. The region is home to important oil wells and K1 airbase. Here are the latest updates on the conflict,

• Iraq has the plan to take over all disputed areas including Jalawla, Kifri, Khanaqin, Maxmur, Sinjar
• Iraqi soldiers have taken control of Kirkuk with low resistance coming. Iraqi forces have taken control of the Democratic Party headquarter in Kirkuk. Iraqi forces are taking village after village and town after town from Kurds Peshmerga forces without fighting. It is being reported that Peshmerga forces moving out of the disputed region.
• Kurds are saying that they have been betrayed after fighting ISIL/ISIS for years as a partner of the United States in the war.
• Kurdistan has called upon PKK fighters to help them in guerilla-style fighting in Kirkuk.
• Peshmerga troops are saying to the media that they have been betrayed by their commanders who asked them to leave without fighting.
• However, it is being reported by tanker trackers that oil flow has not been affected as KRG oil continues to flow through Turkey. However, other reports suggest that there has been a small drop of 90,000 barrels per day.
• Kurdish President Barzani is expected to release a statement urging Kurds to avoid civil war.