onsdag 2 februari 2011

Mid-East contagion fears for Saudi oil fields

Risk analysts and intelligence agencies fear that Egypt's uprising may set off escalating protests in the tense Shia region of Saudi Arabia, home to the world's richest oilfields.

"Yemen, Sudan, Jordan and Syria all look vulnerable. However, the greatest risk in terms of both probability and severity is in Saudi Arabia," said a report by risk consultants Exclusive Analysis.

There has been less focus on the risk of instability spreading to Saudi Arabia's Eastern Province, headquarters of the Saudi oil giant Aramco. The region boasts the vast Safaniya, Shaybah and Ghawar oilfields. "This is potentially far more dangerous," said Faysal Itani, Mid-East strategist at Exclusive.

"The Shia are 10pc of the Saudi population. They are deeply aggrieved and marginalised, and sit on top of the kingdom's oil reserves. There have been frequent confrontations and street fights with the security forces that are very rarely reported in the media," he said.

The Saudi Shia last rose up in mass civil disobedience in the "Intifada" of 1979, inspired by the Khomeini revolution in Iran. Clashes led to 21 deaths. Mr Itani said it is unclear whether the Saudi military could cope with a serious outbreak of protest in the province.

Saudi King Abdullah is clearly alarmed by fast-moving events in Egypt and the Arab world. In a statement published by the Saudi press agency he said agitators had "infiltrated Egypt to destabilise its security and incite malicious sedition".

The accusations seem aimed at Iran's Shia regime, which has openly endorsed the "rightful demands" of the protest movement. There is deep concern in Sunni Arab countries that Iran is attempting to create a "Shia Crescent" through Iraq, Bahrain and into the Gulf areas of Saudi Arabia, hoping to become the hegemonic force in global oil supply.

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/8294187/Mid-East-contagion-fears-for-Saudi-oil-fields.html

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