HOUSTON: Saturday's attacks on key Saudi Arabia processing plants will test the world's ability to handle a supply crisis as it faces the temporary loss of more than 5per cent of global supply from the world's biggest crude exporter.
"Oil prices will jump on this attack, and if the disruption to Saudi production is prolonged, an SPR release ... seems likely and sensible," said Jason Bordoff, founding director of the Center on Global Energy Policy at Columbia University in New York. Aramco exported more than 7 million barrels per day of crude last year, with almost three-quarters of its crude exports delivered to customers in Asia last year. The country has about 188 million barrels in reserve, or roughly 37 days of Abqaiq's processing capacity, according to a Saturday note from Rapidan Energy Group.The spare capacity held by the Organization of the Petroleum Exporting Countries https://tmsnrt.
Russia may have spare capacity following the international pact between OPEC and its allies to curb production in support of crude prices, analysts said.
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