LONDON: An attack on Saudi oil facilities on Saturday is believed to have disrupted half the country's production capacity, making the United States the only real holder of the global supply cushion via its ability to raise own output or to soften sanctions against other major oil producers.
Industry sources have said Saudi Arabia will be able to restore supply within days. A prolonged supply outage will have a major bullish impact on oil prices, which in turn will spur further gains in US shale production. Both are subject to US sanctions and have seen their exports reduced to a trickle over the past year as US President Donald Trump has tightened sanctions.
However, large US crude output gains and slowing global demand because of a weaker global economy have contributed to a rise in oil stocks worldwide.
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