Explosion shuts down Iraqi oil pipeline

Oil Ministry spokesman Asim Jihad has stated that the shutdown was caused by a bomb planted by insurgents, which severed the pipeline near the town of Shurqat, 250 km north or Baghdad.

Currently, Iraq produces 2.6 million bpd of crude oil, of which some 2 million barrels are exported.

The pipeline transports up to 400,000 bpd of oil into Turkey. The damage is expected to take three days to repair. It is thought that Turkey has significant reserves that will prevent any immediate supply problems caused by the stoppage.

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