Iraq looses 30 million dollars daily because of oil line block
Iraq, Economics, 8/12/2004
The Interim Iraqi government yesterday estimated the country's losses as a result of blocking one of the two main oil pipelines in southern Iraq following threats to attack, at 30 million dollars daily as its closure will lead to a decrease in oil exports to the half.
The office of the advisor of the national security, Muwaffaq al-Runei, said in a statement that what he had called gangs permitted its members to force workers in the southern oil fields to block one of the two main pipelines in the country. He estimated Iraq's losses as a result of this closure to a recession in oil exports at 50% and the loss of 30 million dollars daily.
On Monday, the south oil company announced halting oil pumping because of the threats to attack oil installations but giving no date for resumption of oil pumping.
Meantime, the American Federal Reserve said that the American economy was negatively affected by the increase in oil prices and decided to raise the interests by a quarter of one point percent to 1.5%.
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