The U.S. response to the Abqaiq-Khurais attacks needs to be resolute and fast. Global security is at stake.
Saudi Arabia is the market maker of the world’s oil supply: it pumps an impressive 9.85 million barrels a day and exports most of it. Today the United States actually produces more crude than the Kingdom, but as the world’s largest consumer it is a net importer of petroleum products, taking in. Russia pumps an average of 11 mbd and accounts for 10% of global crude exports.
US Secretary of State Mike Pompeo has accused Iran of launching a targeted drone strike on Saudi Arabia's oil facilities which wiped out half of the kingdom's crude production capacityThe repercussions of the attack are dire. Oil is the lifeblood of the Kingdom, accounting for 70% of export revenues and over half of the country’s GDP. The U.S. is a diversified industrial and post-industrial economy. Saudi Arabia, on the other hand, does not export anything but oil, ore, and some dates.
If the U.S. oil industry was attacked by rockets and drones from, say, Mexico, with the help of Russia or China, the U.S. would likely to retaliate with overwhelming force. Saudi Arabia has prosecuted a mostly unsuccessful war against the Houthi rebels since 2009, and has an imperative to stop the attacks on its lifeblood.
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.
Iran-Backed Attack Strikes The Heart Of Global Oil Markets - U.S. Must ActThe U.S. response to the Abqaiq-Khurais attacks needs to be resolute and fast. Global security is at stake.
Read more »
Beanie Feldstein’s Global Domination Continues With How to Build a GirlThe coming-of-age comedy, based on Caitlin Moran’s novel, is not quite as winning as Feldstein is—but with a star this incandescent, it’s hard to complain.
Read more »
Global regulators to question Facebook's Libra amid EU concerns: paperGlobal regulators will question Facebook on Monday about its Libra cryptocurrenc...
Read more »
The US-China trade war has set in motion an unstoppable global economic transformationThe decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable, Fred Kempe writes.
Read more »
Oxford Tops Global University Rankings, as China Continues to Make GainsThe U.S. remains the dominant nation in a list of the best universities in the world, with seven schools in the top 10, but China’s massive investment in higher education continues to generate dividends, including placing nine more schools than last year.
Read more »
Lush Is Closing Its Stores in Support of the Global Climate Strike'Giving our thousands of staff the time to get out there and demand bold action is a no brainer.'
Read more »