Oil prices are on track to record their largest daily gain in over two decades following an attack on a major processing facility in Saudi Arabia over the weekend.
“An attack on Saudi Arabia’s key oil facilities has significantly raised tension in the Middle East,” ANZ senior commodity strategist Daniel Hynes told clients in a note released on Monday. “Houthi rebels in Yemen launched a fleet of drones on Saturday which has cut the kingdom’s oil capacity in half, which is likely to see oil prices surge higher in coming days.”
RBC Capital Markets’ global head of commodity strategy, Helima Croft, described the attack as a “game changer” for geopolitical tensions in the region. In a separate Twitter post, Trump said the US administration believes it knows who was responsible for the attack, adding it was “locked and loaded” depending on verification from Saudi officials.
Scutty Reminds us of Matt Simmons' book published in 2005: Although that was a peak oil, not attack scenario. To the extent that Saudi oil production declined 2005-mid 2007, causing the US recession and the oil price shock in mid 2008, he was correct
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Oil prices expected to jump more than 10pc following Saudi attackOil prices could rise by more than 10 per cent, driving petrol prices higher, following an attack that has knocked out about half of Saudi Arabia's crude processing. surely if the rest of opec increased their output the short fall would be addressed. Oh that would mean the price won't rise Any excuse to raise prices
Source: abcnews - 🏆 5. / 83 Read more »
Drone strikes cripple two Saudi oil processing facilities | Sky News AustraliaTwo large government-run oil processing facilities in Saudi Arabia have been struck by a series of drone strikes, causing explosions, huge fires and prompting the nation to cut production. \n\nSecretary of state Mike Pompeo described the Saturday attack as 'unprecedented' and pointed the finger at Tehran, despite Yemen's Houthi rebels claiming responsibility.\n\nTen drones were used to carry out the attacks.\n\nIt’s unclear if there were any injuries or fatalities at the Abqaiq facility and the Khurais oil field, operated by the state-owned Saudi Aramco.\n\nThe Saudi-led coalition has been fighting the Iran-backed Houthi rebels in Yemen since March 2015 in a war that has killed tens of thousands of Yemenis and pushed the country to the brink of famine.\n\nSaudi Aramco describes its Abqaiq oil processing facility in Buqyaq as 'the largest crude oil stabilisation plant in the world', able to produce up to seven million barrels of crude oil a day.\n\nThe Khurais oil field is thought to produce over one million barrels of crude oil a day.\n Nuke Iran Iran is pushing its luck.
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Saudi Arabia to tap vast oil stores after attacks disrupt outputSaudi Arabia will use its vast oil reserves to offset disruption to production after an attack on two major oil facilities, its energy minister said Sunday. Just expect to pay a little more at the pump due to this completely fabricated event. Stop your propaganda Iran had nothing to do with it US global War OF Terror has precedent in fabricated lies to invade countries.... The US terrorist regimes is guilty and complicit, to this war, the US has argued the supply of weapons to Saudi is in their national interest.. The media protects the US, but the US is a global evil.
Source: SBSNews - 🏆 3. / 89 Read more »
Iran refutes 'meaningless' US accusations over attacks on Saudi oil facilitiesIran on Sunday dismissed as 'meaningless' US accusations it was behind drone attacks on Saudi oil installations, suggesting Washington was seeking a pretext to retaliate against the Islamic republic Says a lot about the people leading the US when it's more likely they're lying as a pretext to war than Iran. World Trade Centre attacked US blames Iraq after Taliban claims responsibility for it, Saudi oil facility attacked US blames Iran after Yemeni claims of responsibility: no pattern to see here.
Source: SBSNews - 🏆 3. / 89 Read more »
Houthi rebels claim drone attack on Saudi Arabia oil facility | Sky News AustraliaYemen's Houthi rebels have claimed responsibility for a drone attack on the world's largest oil processing facility in Saudi Arabia, sparking a huge fire. \n\nThere were also explosions at a major Saudi oilfield operated by Aramco, but it's unclear whether there were any injuries. \n\nSaudi Arabia's interior ministry confirmed the attack and says it's investigating. A rebel spokesman called on Saudi Arabia to stop its attacks on the group. \n\nThe Houthis are backed by Iran with this incident likely to heighten tensions between Tehran and Washington.\n\nImage: AP
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Mike Pompeo points the finger at Iran over Saudi oil attacksUS Secretary of State Mike Pompeo has blamed Iran for the attacks on Saudi Arabia's oil facilities, saying its leaders are engaging in 'pretend' diplomacy. Following Dick Cheney’s playbook. He's 100% full of bullshit. Iran aren't behind this SBS promoting war propaganda again
Source: SBSNews - 🏆 3. / 89 Read more »