The attacks on key oil facilities in Saudi Arabia have disrupted about half of the kingdom's oil capacity, or 5% of the daily global oil supply.
That means 5.7 million barrels a day of crude oil and gas production have been affected, according to Saudi Energy Minister Prince Abdulaziz bin Salman.A haze of smoke is seen from the attacked oil plant in Saudi Arabia. US oil futures were trading at more than $61 a barrel during Asia hours -- a spike of nearly 10%. Earlier, the price jumped as much as 15%. Futures of Brent crude, the global benchmark, traded at nearly $68 per barrel, an 11% increase."This is a big deal," said Tom Kloza, chief oil analyst for the Oil Price Information Service."It is the biggest shock to the oil markets since [Hurricane] Katrina. And like Katrina it will likely haunt us for months, at least weeks.
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Follow the money.
Plenty of oil
I wouldn’t be surprised to find out it’s an inside job to increase oil revenue and start a war with Iran. Trump answers to the Saudis. Should be interesting. We’ve been here before with Iraq, W, Cheney and fake WMD’s.
Recently one minister was boasted that they can finish it off Iran within a hour. Wonder is they couldn't prevent a rebel group attack, how come they will finish Iran in a hour?
The world will pay the prices ,although saudi always trys to keep the price low for thier allies , if the world dont do thier duties and stop iran terror act in the region!! Then wait till it reaches 100$ and above
This must not be happening.
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Saudi Officials Say Oil Production to Return to Normal Levels by MondaySaudi Arabia said it would return to normal levels of oil production by Monday, as officials sought to reassure world markets after a drone attack Saturday prompted the kingdom to cut its crude production in half. Iran‘s Mullahs supported by Russia & China declaring war to the entire world while the failed EU still wants negotiations! Is Iran a country we really want to have nuclear weapons? I say take them out. Since most US oil imports come from Canada and because the US is now much less reliant on imports, it is highly doubtful that this would create an emergency situation in the US.
Source: WSJ - 🏆 98. / 63 Read more »
Saudi Arabia Aims to Restore a Third of Lost Oil Output MondaySaudi Arabia’s national oil company expects to restore roughly a third of crude output disrupted due to a weekend attack by day’s end on Monday, Saudi officials said, a step back from earlier hopes that it could quickly resume full production by the start of the week. Well, seasonal demand is down and we're producing so.....get it fixed, Saudi Aramco. Maybe , just maybe if Saudi Arabia stopped their war on Yemen and killing many innocent people either by bombs are starving people to death, their oil production would not be halted again Are they not just being optimistic, like Boeing?
Source: WSJ - 🏆 98. / 63 Read more »
Saudi Arabia aims to restore one-third of lost oil output by Monday, WSJ saysSaturday's attack is the biggest on Saudi oil infrastructure since Saddam Hussein's invasion of Kuwait in 1990. Word Either Trump calls off trying to bankrupt Iran or this is going to escalate into catastrophic warfare in the near future. Next, you know Israel is going to dragged into this. This is just what BOLTEN always wanted. Good...!!
Source: CNBC - 🏆 12. / 72 Read more »
Oil spiked a record 20% on the sudden attack to Saudi Arabian oil suppliesBrent crude oil hovered at about 8% higher on Monday morning, heading for the sharpest rise in almost three years. Gee, it's a good thing we are concurrently building up our renewable energy sources. The key concern is that a drone can cause this amount of damage. Every country needs to be aware of this and consider how they defend their key installations
Source: BusinessInsider - 🏆 729. / 51 Read more »
Attacks on Saudi facilities threaten spare oil capacity, price hikesSaturday's attacks on key Saudi Arabia processing plants will test the worl... That’s odd. The US is now the biggest producer of energy so... 🤔 You reap what you sow. When will western powers stop bombing the poorest Arab country using Saudi Arabia? BS
Source: Reuters - 🏆 2. / 97 Read more »
Opec Slides Closer To Collapse As An Oil Glut Overpowers The Oil PriceA sliding oil price could be just the start of something more serious next year for Opec, the oil cartel, and its close associate, Russia. Forbes is still mystified by supply and demand Uhh did you not hear about the drone strikes on the Saudis causing them to shut down half their production? 🤔 Ya funny how Saudi just said the drone strikes would force them to halve production for a while...
Source: Forbes - 🏆 394. / 53 Read more »