The attacks on Saudi Arabia's oil facilities have done more than knock out ...
LAUNCESTON, Australia - The attacks on Saudi Arabia’s oil facilities have done more than knock out some 5% of global crude supplies, they have provided a myriad of lessons for all involved.
This renewed risk was reflected in early price moves on Monday in global benchmark Brent crude futures, which surged as much as 20% in early Asian trade, reaching a peak of $71.95 a barrel before easing back to around 13% higher at $68.22. This may well tighten the crude market substantially, especially in Asia, which takes about two-thirds of the cargoes from the world’s biggest crude exporter.
For now, the crude market has been reminded that the whole oil market can be upended very quickly, and that the sector has a series of vulnerabilities that can be relatively easily exploited by those seeking to inflict maximum damage.Another lesson is for Trump and his administration, and that is if you ramp up conflict and tensions with a country such as Iran, you must be prepared for the inevitable counter-punch.
The sanctions on Iranian crude oil may not have taken its exports to zero as Trump wanted, but it certainly has cut them substantially, taking them from around 2.3 million bpd to a figure likely under 1 million bpd.
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