Monday, June 30, 2008

Iran threat: Kuwait mulls emergency export plans 30, 2008

Kuwait is developing precautionary plans to ensure oil exports in case Iran closes the vital Gulf oil route, state news agency Kuna on Monday quoted an official as saying.
"There are precautionary plans to export Kuwaiti crude in cooperation with the Gulf Cooperative Council but those plans are not finalised yet," Kuna quoted Saad al-Shuwaib, head of state oil company Kuwait Petroleum Corp (KPC) as saying. He gave no more details.
Iran's Revolutionary Guards said Tehran would impose controls of shipping in the vital Gulf oil route if Iran was attacked, Guards commander-in-chief Mohammad Ali Jafari told an Iranian newspaper on Saturday.
"If any military tensions occurred oil prices will reach $200 (per barrel)," said KPC's Shuwaib.

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