The Zubair-1 pipeline attacked earlier today is used to transport crude oil from fields in Southern Iraq to the country's two main export terminals in the Gulf at al-Umaiya and Basra.

The attack is expected to cut oil exports from the Basra region - which were around 1.54 million barrels per day in February - by roughly one third until the pipeline can be repaired.

The incident helped lift global crude prices close to highs of nearly $107 per barrel in London trading this morning.

Iraq's total average production for February was 2.4 million barrels per day - roughly 80 per cent of which was accounted for by fields in the the Basra region. ... Read full article