Oil sees biggest surge since 1991 after Saudi attack

Oil sees biggest surge since 1991 after Saudi attack

16.9.2019

Oil sees biggest surge since 1991 after Saudi attack

Prices soar by as much as 19 percent but ease after US plans to release emergencies supplies.

The Iran-aligned Houthi movement that controls Yemen's capital claimed responsibility for the attack, which damaged the world's biggest crude oil processing plant. Iran denied blame and said it was ready for"full-fledged war".

Prices eased after Trump announced that he would release US emergency supplies, and producers around the globe said there were enough stocks stored up to make up for the shortfall.

"We assure the Saudi regime that our long arm can reach any place we choose and at the time of our choosing," Sarea tweeted."We warn companies and foreigners against being near the plants that we struck because they are still in our sights and could be hit at any moment."

Saudi Arabia and Iran have been enemies for decades and are fighting a number of proxy wars, including in Yemen where Saudi forces have been fighting against the Houthis for four years.

Foreign Ministry spokesman Abbas Mousavi called the US accusations of Iranian involvement in Saturday's attacks"unacceptable and entirely baseless".

Russia and an Opec source said on Monday there was no need for an extraordinary meeting of the Organization of the Petroleum Exporting Countries (Opec) and its allies, a group known as Opec+ that has orchestrated a supply-curbing deal.

The US official who asked not to be identified said on Sunday there were 19 points of impact in the attack and evidence showed the launch area was west-northwest of the targets - not south from Yemen. Saudi officials had seen signs that cruise missiles were used in the attack, the official added.

Read more: malaysiakini.com

Oil prices surge 15% after attack on Saudi facilities hits global supplyNEW YORK: Oil prices surged more than 15% to their highest level in nearly four months at the open on Sunday after an attack on Saudi Arabia's oil facilities on Saturday that knocked out more than 5% of global oil supply.

Oil prices surge 15% after attack on Saudi facilities hits global supplyNEW YORK: Oil prices surged more than 15% to their highest level in nearly four months at the open on Sunday after an attack on Saudi Arabia's oil facilities on Saturday that knocked out more than 5% of global oil supply.

Oil prices up more than 10% after Aramco plant blasts | The Malaysian InsightUS president has blamed Iran for strikes on facilities run by Saudi oil giant.

Subsidy stays despite hike in global oil prices | The Malaysian InsightLim Guan Eng confirms what PM said yesterday, following Saturday strikes on Saudi oil facilities.

Gov't to provide subsidy if oil prices soar - MahathirPM says Saudi’s move to temporarily suspend production following attacks will impact the global oil prices.

Govt to provide subsidy if oil prices soar, says Dr M | Malay MailPUTRAJAYA, Sept 15 — Saudi Arabia’s move to temporarily suspend production at the state-owned Aramco’s two major oil facilities following the drone attacks by Yemeni rebels will definitely impact the global oil prices, according to Prime Minister Tun Dr Mahathir Mohamad. However, he said, in...

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