Saturday's attacks on key Saudi Arabia processing plants will test the worl...
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 5% of global supply from the world’s biggest crude exporter.
Crude prices could spike by several dollars per barrel when markets open Sunday night as a prolonged outage could prompt the United States and other countries to release crude from their strategic petroleum reserves to boost commercial stocks globally. The U.S. Energy Department said on Saturday it is ready to release oil from its strategic reserve if needed.
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. to supply consumers in the event of a significant production shortfall has been declining for decades as aging oil fields have lost production capacity.
The U.S. Strategic Petroleum Reserve currently holds about 644 million barrels, according to the U.S. Energy Department, roughly equal to 52 days of U.S. production.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Saudi Arabia says fires at Aramco sites 'under control' after drone attacksDrone attacks on two Saudi Aramco factories in Abqaiq and Khurais provinces sparked fires that the state oil company brought under control, the Saudi interior ministry spokesman said. More here:
Read more »
Attacks In Saudi Arabia Are A Recipe For $100 OilSaturday's attacks on Saudi Arabia's oil infrastructure have sidelined daily oil production equivalent to the total added during the U.S. shale oil boom.
Read more »
Attacks In Saudi Arabia Are A Recipe For $100 OilSaturday's attacks on Saudi Arabia's oil infrastructure have sidelined daily oil production equivalent to the total added during the U.S. shale oil boom.
Read more »
Saudi Arabia: Drone attacks knocked out half its oil supplyDUBAI, United Arab Emirates (AP) — Yemen's Houthi rebels launched drone attacks on the world's largest oil processing facility in Saudi Arabia and a major oil field Saturday, sparking huge fires...
Read more »
Saudi Arabia Shuts In 5 Million Barrels Of Daily Oil ProductionAfter an alleged drone attack struck a giant refinery and one of its major oil fields, Saudi Arabia’s Interior Ministry announced on Saturday that the government would shut-in half of its national oil production.
Read more »