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From: rnsmth1/18/2022 6:37:41 PM
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Explosion halts Iraq oil pipeline - 450kb/d offline

Jan. 18, 2022 6:07 PM ETUSO, XLEBy: Nathan Allen, SA News Editor 12 Comments

Little is known about the cause, but an explosion at a pipeline connecting Northern Iraq and the port of Ceyhan in the Mediterranean has taken 450kb/d of supply offline in an already very tight crude oil market (NYSEARCA:USO) (NYSEARCA:XLE).

According to the operator, Botas, emergency response crews are on scene fighting the fire and the pipeline will return to service as soon as possible; though video from the scene suggest significant damage.

This news follows a ballistic missile attack over the weekend, where Iranian-backed Houthi rebels in Yemen targeted airports and oil infrastructure in the UAE.

Though many predict oil price volatility in the year ahead, geopolitical tensions in the middle east have not been part of many bullish oil calls, yet.

seekingalpha.com
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