The rules of the global oil games are changing, says Keith Fitz-Gerald. And China — not the US — is leading the way. China doesn’t worry about the political leanings or dubious human rights of its energy suppliers. It needs a steady supply of oil to fuel its economic boom…and it will do what it takes to get it.

This from Money Morning:

Iraq recently signed its first oil deal in 35 years with a foreign company.

And –- quite surprisingly to many observers -– the company wasn’t one of ours.

Not surprisingly, the US news media barely acknowledged the deal –- even though the agreement was major news throughout the rest of the world.

According to reports from Baghdad, the 22-year deal between the Iraqi government and the China National Petroleum Co. involves $55 billion, or 87% of Iraq’s current total revenue at a conservative long-term estimate