Yemen's Iran-aligned Houthi group on Saturday attacked two plants at the Ab...
- Yemen’s Iran-aligned Houthi group on Saturday attacked two plants at the Abqaiq plant, the heart of Saudi Arabia’s oil industry, in a strike that could impact about 5 million barrels per day of crude production - close to half of the kingdom’s output or 5% of global oil supply.
“Many countries have strategic stocks for exactly this reason. The price is going to jump all right, but the Saudis and U.S. have a day to run interference on their positions before then. The most scary result would be a Saudi escalation of the war in Yemen. Then the whole Gulf gets trigger-happy.”“Abqaiq is perhaps the most critical facility in the world for oil supply.
“Asian countries are more at immediate risk because they are the big importers from Saudi Arabia, with 80% of Saudi exports going to East Asia. For the United States, the main threat is in the price of oil, it’s not in the immediate supply. “Speculative positioning in the financial markets are very low and inventories have been rapidly declining, especially in the past couple of months - oil prices may have risen even without this disruption.”“Crude oil should rally, the only question is by how much. There’s ample OPEC producer spare capacity to absorb what looks like a temporary glitch. A good analogy could be the drop in spot crude oil when John Bolton got fired, which removed a perceived geopolitical risk premium.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Balcony collapses in Mountain View, sending occupants scrambling to safetyA second-story porch separated from the exterior wall of a condominium, sending the five people on the balcony scrambling back inside.
Read more »
Huawei’s post-American world comes into hazy viewThe Chinese telco giant plans to raise $850 mln in its first onshore bond issuance. It’s also ready to share its prized 5G know-how with foreign firms. Innovative concessions may blunt a relentless U.S.-led assault on its reach, but still point to a more domestic-focused future.
Read more »
TV Long View: Fall 2019 Sunday Network Ratings Forecast'Sunday Night Football' will almost certainly spend another year on top, while Tiffany Haddish and Nathan Fillion try to bolster ABC's lineup.
Read more »
Watching the Democratic debate tonight? Here's how to stop bias from tainting your view of female candidates, according to a professor who specializes in gender equalityEven if you don't realize it, your subconscious may make you biased against female candidates during the debate.
Read more »
UK condemns Houthi drone attack on Saudi oil facilitiesBritain condemned a drone attack on Saudi Arabian oil facilities on Saturday, an...
Read more »
The Latest: Saudi Arabia says drones attacked oil facilitiesDUBAI, United Arab Emirates (AP) — The Latest on the explosion and fire an oil facility in Saudi Arabia (all times local): 9:10 a.m. Saudi Arabia says drones attacked two major oil...
Read more »