Oil prices are trading at their highest levels since May after attacks on key oil facilities in Saudi Arabia
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.
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 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.
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.
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.
Read more »
Attacks on Saudi facilities threaten spare oil capacity, price hikesSaturday's attacks on key Saudi Arabia processing plants will test the worl...
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.
Read more »