World oil market in fear of terror attack in Saudi Arabia
PARIS: An attack -- or even an attempted attack -- by Islamic
extremists on Saudi Arabia's oil sector would have disastrous
consequences on the world market and the price per barrel, analysts
warn.

Of more than 700 people arrested in the course of the last six months
in Saudi Arabia, dozens had been part of cells charged with preparing
attacks against oil sites, according to authorities in Riyadh.

With the price per barrel rising constantly and the capacity to
increase global production almost non-existent, apart from in Saudi
Arabia, the world market has never been so vulnerable to an offensive
by Jihadists in the kingdom, they said.
Michael Klare, head of the University of Massachusetts's peace and
world security programme and author of the book "Resource Wars", said
that even if an attack caused little damage, the impact would still be
enormous.

"There would be a tremendous psychological effect because the market
is already prepared to expect terrorist events like this. It would
have an immediate effect on prices," he said.

"And if an attack actually damaged production or exploration, the
effect would be even greater. The rise would be astronomical," he
added.

Klare believes that a less significant attack would result in a price
hike of no more than ten dollars a barrel.

"(But) if they managed to destroy a major refinery or a major loading
facility and cut production that would have a dramatic impact. Prices
would go to 200 dollars a barrel," he said.

The Saudi oil sector, which spends considerable sums on security, has
been an Al-Qaeda target for years.
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