Iraq violence contributes to oil market destabilization

[NNN0LHI]

http://story.news.yahoo.com/news?tmpl=story&u=/afp/20030820/wl_mideast_afp/iraq_un_attacks_oil_opec&cid=1514&ncid=1473

PARIS (AFP) - Escalating violence and instability in Iraq (news - web sites), underscored by the devastation of the UN headquarters in Baghdad, has compromised a steady resumption of Iraqi oil exports and heightened uncertainty for market players.

Tuesday's attack against the United Nations (news - web sites) headquarters killed at least 17 people, including top UN envoy Sergio Vieira de Mello of Brazil.

On Friday, sabotage disrupted the flow of crude oil from fields near the northern Iraqi city of Kirkuk to Turkey's Mediterranean port of Ceyhan, just three days after the pipeline was brought back online.

As a result, Iraqi oil exports will be cut by around one-third for at least two weeks, depriving the country of badly-need funds for reconstruction.

"After this attack (against the UN) and given that acts of sabotage are multiplying, we no longer know what Iraq can export," said Nicolas Sarkis, director of oil studies at the Arab Center in Paris.

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[Sagan]

1. High Oil prices? I'm sure the Bushistas are crying..

..all the way to the bank.

[indepat]

2. Yeah, that is just a small price we all will have to

pay for Iraqi freedom.

[LeftistGorilla]

3. Wow...

do you mean to tell me Iraqi people disapprove of the rape of their most important natural resource?
who knew?
:eyes:

[Rose Siding]

4. What an amazing coincidence!

Just as prices are spiking in the western US because of a ruptured line (somehow this raises everyone's prices) and an eastern blackout put refineries days behind schedule, spiking prices there.

If I were the suspicious type.........

Didn't the Saudis used to make up for the availablility when Sadam messed with Iraq's output?

[maggrwaggr]

5. last quarter the major oil companies all had RECORD profits

so I guess they've figured out how to keep prices high and profits fat.

Fear fear fear.

Do we need any more proof that corporations are running this country?