Attacks stop Iraq oil exports and increase in crude oil prices

One official in the Iraqi South Oil company yesterday announced the suspension of oil exports from the southern part if the country because of the blowing up of one pipeline after it was attacked.

The official who asked to be anonymous said that oil exports stopped from Basra port on Sunday evening, noting that at least, it will take one week to resume oil exports.

Oil expert and chairman of the Middle East Economic ( Survey) News Bullein Walid Khadouri said that the suspension of exports in the south costs the country $ 60 million daily.

An Iraqi oil official announced that attacks on Sunday morning detonated several oil lines in southern Iraq within a series of attacks targeting the oil industry. The attacks targeted five oil lines linked with al-Rumeilah fields and this resulted in halting oil pumping from " Zubeir 1 " station.

At the trade level, oil prices increased in the Asian markets yesterday and the light American crude oil increased by 16 cents to reach $ 43.34 for one barrel.

Investors expect that any shortage in oil supplies to world markets would lead to the return back of oil prices to increase to $ 50 for one barrel.