OIL PRICES: The loss of 5% of world crude oil output from an attack on Saudi Arabia's largest oil processing plant pushed crude prices sharply higher on Monday.
The loss of 5% of world crude oil output from an attack on Saudi Arabia's largest oil processing plant pushed crude prices sharply higher on Monday.
"The attacks this time posed a serious threat to key international energy infrastructure, and we express concern that they undermine the energy security of the entire world and stability in the region," South Korea's Foreign Ministry said in a statement.Oil prices spiked shortly after trading began Monday, with U.S. crude jumping more than 15% and Brent leaping nearly 20%.
The attack may add to anxiety about the stability of the world's oil reserves given the tensions rumbling in the region. Saudi Arabia provides about a fifth of China's crude imports, more than 37% of Japan's and almost a third of South Korea's. Japan is nearly 100% dependent on imports for its oil. Meanwhile work was under way to restore production at the Abquaiq plant. The Wall Street Journal reported Sunday that Saudi officials said a third of crude output would be restored by Monday. Bringing the entire plant back online may take weeks. Officials said they would use other facilities and existing stocks to supplant the plant's production.
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