Oil price CRISIS: Global oil prices to SOAR as violent clashes continue in Iraq
OIL prices are expected to soar as protests continue to erupt across southern Iraq, amid growing fury at the region’s dire public services.
By TOM PARFITT
Express.co.uk
Thu, Jul 19, 2018
Demonstrations began last week in Basra, Iraq’s main oil hub, and have spread to other cities including Amrah, Nasiriyah and Samawa.
At least eight protesters have been killed in clashes with security guards, with hundreds more injured.
The violence broke out due to anger over soaring unemployment, dirty drinking water and a lack of electricity.
But protestors are increasingly targeting oil facilities such as the West Qurna 2 and Zubair oil fields.
Experts believe the instability could drive up global oil prices.
Christopher McKee, chief executive at risk analysis firm PRS Group, said there could be “minor operational disruptions” if the protest gather pace.
He added: “However, security around oil installations and supply routes is relatively robust, and the protesters themselves are not well organised.
“If anything, the protests, should they become more widespread, might force up the price of oil on fears of supply disruption but should do very little else.”
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