The Iraqi Imbroglio Is Fueling the Rise in Prices

摘要

No oil company,no government and no oil market analyst or observer can be indifferent to the alarming deterioration of the situation in Iraq.Not only is it a leading oil-producing country,but it is also at the heart of a region that possesses some two-thirds of the world's oil reserves,and any upheaval affecting it inevitably sends Shockwaves across neighboring countries and the international energy trade.In addition to the terrorist attacks,sabotage and looting that have not ceased since the invasion by American and British forces exactly a year ago,the sudden spate of hostage-taking,the general resurgence of violence and a Shiite rebellion are driving Iraq to the brink of civil war and chaos.This situation is worse than the worst of the scenarios dreamed up before or after the fall of the regime of Saddam Hussein in April 2003."The lid of the pressure cooker has blown off," observed the British Foreign Secretary,Mr.Jack Straw,on 9 April.