World oil prices surge after Iraqi pipeline blast (Kirkuk)

[leftchick]

http://story.news.yahoo.com/news?tmpl=story&u=/afp/20040902/ts_afp/oil_price_rise&cid=1503&ncid=1480


<snip>
LONDON (AFP) - World oil prices soared after a pipeline explosion in Iraq (news - web sites) fuelled fears about disruptions to supplies, traders said.


Prices had already been rising fast prior to news of the explosion due to the possibility of a production shut-down by Russian oil giant Yukos and as a hurricane headed towards the United States, threatening transportation of supplies there, they added.


The price of benchmark Brent North Sea crude oil for delivery in October jumped 1.11 dollars to 42.58 dollars per barrel in late afternoon trading in London.


<snip>
An Iraqi oil official told AFP that the strategic northern Iraqi oil pipeline from Kirkuk to the Turkish Mediterranean port of Ceyhan was ablaze after a huge explosion, seriously affecting oil exports.

[daleo]

1. The other day we heard the oil was flowing in spite of explosions

Now today the explosions are stopping the oil.

Do they ever get oil out of the north? I recall stories months ago about how they were planning to truck it out. People here calculated how many truck tankers a day it would have taken - it was obvious nonsense.