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Do the protesters dare to move towards Iraqi oil? .. Report warns the world
2019/12/04 10:55:37
[rtl]Events in Iraq could have a major impact on global oil supplies, if angry protesters target oil installations in the south of the country if their demands are not met, according to a report published by an energy specialist.[/rtl]
[rtl]The report, published on the site "Oil Price" that Iraq poses the greatest threat to global oil markets, considering that the continued protests and escalation of intensity can affect about five million barrels of oil is the volume of Iraq's oil production daily.[/rtl]
[rtl]The author of the report said that the most prominent question being asked is whether the protesters dare to move towards Iraqi oil?[/rtl]
[rtl]He adds that all the evidence indicates that they will, and indeed did, when they closed the roads leading to five oil fields in Basra earlier last month.[/rtl]
[rtl]He said the protesters were bold enough to burn an Iranian consulate and attack a pro-Iranian security building, and they knew the reaction would be too violent.[/rtl]
[rtl]Time is running out in Iraq as protests continue, he said, adding that the resignation of Prime Minister Adel Abdul Mahdi may have helped delay a major armed conflict between protesters and security forces in southern Iraq, where most of Iraq's oil resources lie.[/rtl]
[rtl]He pointed out that what should be monitored by traders in the oil market is the real developments in Iraq, which could mean a major disruption in supplies.[/rtl]
[rtl]The Iraqi government has only two options: to continue repression, which means a bloodbath far beyond what we have already seen, or major reforms that it cannot achieve with Iranian influence.[/rtl]
[rtl]Although things seem to be on the way to calm in Iraq, what the market must respond to is the clear and present danger facing 12 percent of the world's declared oil reserves in Iraq.[/rtl]
[rtl]Since October 1, sit-ins and protests calling for the "overthrow of the regime" have blocked roads in the south of the country, including those leading to oil fields in Nasiriyah and Basra.[/rtl]
[rtl]Iraq relies mainly on its oil exports, which account for 90 percent of the country's budget, which means that any interruption in it will lead to cut off the financial resources of the government.[/rtl]
[rtl]The protests, the first of its kind to spontaneously emerge in decades, have seen violence that has killed more than 400 people and wounded more than 19,000.[/rtl]
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