Processing Magazine

Oil climbs on fears of more attacks on Iraq exports

April 28, 2004
Reuters reports that oil prices rose on Monday after the foiled weekend attempts to bomb Iraq''s key Basra crude export terminal revived fears of more attacks on the country''s oil infrastructure. Iraqi Oil Minister Mohammad Bahr al-Uloum said on Monday exports resumed on Sunday from the terminal in southern Iraq, which handles about 85 percent of the country''s daily exports of some 1.9 million barrels. Suicide bombers launched three boat attacks on Saturday on the Basra oil terminal but were stopped by the U.S.-led coalition without damaging the facilities, which are about 10 kilometres (six miles) offshore. Oil traders are nervous that any escalation in violence in the Middle East may disrupt oil supplies from the region, which holds two-thirds of global reserves.