Thursday, May 30, 2013

Iraq Foils Al Qaeda Attack on Oil Facility

Reuters reports that Iraq foiled an attempt by Al Qaeda to use explosive laden trucks to attack a key oil facility in Baghdad. The plan was to sneak explosives onto oil tankers and blow up the tankers.  This attempt followed on attacks on a key oil pipeline in norther Iraq over the past month. Two points of interest at the very end of the article:

Violence has spiked since the start of the year as al Qaeda's local wing, the Islamic State of Iraq, and other Sunni Islamist insurgents stepped up attacks to try to stoke a widescale sectarian conflict.
Iraq expects to boost its oil output to rival the level of top producer Saudi Arabia after awarding some of its most attractive oilfields to global oil companies, including BP , Shell and Exxon Mobil.
 If we can go another year without a larger Sunni-Shiite conflict breaking out, I would be greatly surprised. Also, watch Saudi Arabia--they can't tolerate any significant drop in oil prices.

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