Risk Analysis - Saudi Arabia Oil Fields At Risk

Risk analysts , intelligence agencies fear that Egypt's uprising may set off escalating protests in the tense Shia region 0f Saudi Arabia, home to the world's richest oilfields.

"Yemen, Sudan, Jordan , Syria all look vulnerable. However, the greatest risk in terms 0f both probability , severity is in Saudi Arabia," said a report by risk consultants Exclusive Analysis.

While markets have focused on possible disruption to the Suez Canal, conduit f0r8pc 0f global shipping, it is unlikely that Egyptian leaders 0f any stripe would cut off an income stream worth $5bn (£3.1bn) a year to the Egyptian state.

"I don't think the Egyptians will ever dare to touch it," said Opec chief Abdalla El-Badri, adding that the separate Suez oil pipeline is "very well protected". The canal was blockaded after the Six Days War in 1967.

There has been less focus on the risk 0f instability spreading to Saudi Arabia's Eastern Province, headquarters 0f the Saudi oil giant Aramco. The region boasts the vast Safaniya, Shaybah , Ghawar oilfields. "This is potentially far more dangerous," said Faysal Itani, Mid-East strategist at Exclusive.

"The Shia are 10pc 0f the Saudi population. They are deeply aggrieved , marginalised, , sit on top 0f the kingdom's oil reserves. There have been frequent confrontations , street fights with the security forces that are very rarely reported in the media," he said.

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