One could also run a different headline. "One third of Kuwait's oil refineries destroyed by as yet undetermined cause."
The actual headline was somewhat different:
"Explosion rocks Kuwaiti oil refinery, no casualties"
Even so, I will be shocked if this does not send oil higher and the U.S. dollar lower. Gold gould rally too, but who knows. how the story will be spun .
BTW total oil capacity in Kuwait is a bit more than 900,000 bpd.
"The total oil production of the Kuwaiti oil refineries is up to 930,000 bpd at present.
Source: Xinhua"
4 November 2006, 06:53am ET
Kuwait, Nov 04, 2006 (AP Worldstream via COMTEX News Network) --
An explosion Saturday rocked Kuwait's smallest oil refinery, leading to its closure, but there were no injuries in the incident, said the spokesman for the Kuwait National Petroleum Company.
Mohammed al-Ajami said the blast took place at Shuaiba just south of Kuwait City at 1:30 p.m. local time in an oil pipeline. The installation was gradually closed down, but the fire was still raging.
Terrorism was not believed to be behind the blast, al-Ajami said. An investigation was under way to determine the reasons for the incident, which are currently believed to have been technical.
Shuaib is the smallest of Kuwait's three oil refineries with a capacity of 200,000 barrels per day. |
