Iraqi Pipeline Cut

From Reuters, 3 July 2004:

"Guerillas set a sourthern oil pipeline ablaze on Saturday, halving Iraq's vital crude exports, in the first major sabotage attack since an Iraqi interim government took over from the U.S. led occupation."

The fire was set in the Faw Peninsula. It has the effect of curtailing exports to 960,000 bbls/day.

"Saboteurs Halve Iraqi Oil Exports"
Here we go again.

This is from the Australian Financial Review, July 5, 2004:

"Saboteurs have attacked an oil pipeline linking Iraq's northern and southern fields a day after the country's oil exports were halved by a hole blown in another pipeline.

"An international oil company executive says the attackers seem to have had inside information..."

"Exports Reeling After Oil Pipeline Hit"
July 6

Light sweet crude now trading up at $39.15/bbl.

Iraqi supply interruptions cited.

Non-Iraq developments:

1. Political instability in Nigeria.

2. Russian government crushing Yukos, Russia's biggest oil conglomerate.

3. This morning's financial news included assertion Saudis might not come through with promised production boost.

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