Oil prices jump as attack on Saudi plant threatens supply

Last Updated Monday, September 16, 2019 5:52AM EDT

That's especially worrying for oil thirsty Asia: China, Japan, South Korea and India are major customers for Saudi oil. Yemen's Iran-backed Houthi rebels claimed responsibility for the attack on the Saudi Aramco plant that paralyzed production of more than half of Saudi Arabia's global daily exports and more than 5% of the world's daily crude oil production.

The world's richest countries have oil reserves of more than 2 billion barrels, but releasing those to alleviate supply concerns could potentially backfire and result in higher prices on the market as traders worry that there is a problem with tight supply, said Burkhard. Chris Midgley, global head of analytics for S&P Global Platts, estimates prices could surge into the "high $70" per barrel range. It could go even higher if disruptions are prolonged, but that is not expected, he said in a research note.The U.S. has a cushion because it and Canada both produce plenty of oil, leaving the U.S. less reliant on the Middle East. But it's still a global market. "If you take oil anywhere out of system it affects everybody," said Burkhard.

ctvedmonton I wonder how the terrorist state of Saudi Arabia likes the feeling of drone strikes? Sadly they didn’t land on the dictators palace giving him a taste of what the Yemen people are feeling.

The People's Party will get pipelines built. The Libs and Cons have wasted decades playing a game. We will get them done.

ctvedmonton False flag, USA wants Iran badly. Will do anything to get them

We don't have enough refineries in Canada to support the demand.

Call Alberta. Probablem solved.

Why the fuck would they jump in Canada? We're oil country... time too start using our own.

Maybe we should just use our own... just an idea.

Good thing Trudeau only wants to import Saudi Oil. If only there was a local source for environmentally responsible, and ethical oil... 🤔

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