Posted on 28/03/08
Iraq pipeline attack stokes global oil supply concerns
An attack on a major oil pipeline in southern Iraq caused a sharp spike in crude prices yesterday, highlighting the underlying market tensions amid fears over tight global supplies, analysts said. One of Iraq's two main oil export pipelines near the southern city of Basra was bombed by saboteurs yesterday. The blast sent oil prices above $107 (U.S.) per barrel, within sight of last week's near $112 record. The pipeline transports crude oil from the Zubair oil field to the Al-Faw storage facility for export. Lost production could total just 130,000 barrels of oil over the coming days as the facility is repaired, but analysts fear that lower Iraqi exports could push prices back into record territory.
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