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Filling Aramco’s crude orders will get tricky if repair timetable slips

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By Verity Ratcliffe on 9/19/2019 DUBAI (Bloomberg) – Saudi Arabia’s pledge to fulfill all commitments to oil buyers after a strike on the giant processing plant at Abqaiq means the world’s largest crude exporter must continue to draw heavily on its inventories until production capacity returns. State oil company Saudi Aramco has more than enough Read More

Saudi attack damages kingdom’s role as guardian of the oil market

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By Grant Smith on 9/18/2019 LONDON (Bloomberg) – Saudi Arabia is fixing its energy infrastructure and restoring crude production, but the weekend’s attacks may have done irreparable damage to one of the kingdom’s greatest assets — its role as guardian of global oil markets. For decades, Riyadh has kept a buffer of spare production capacity Read More

Saudis keep oil flowing as they patch up wounded industry

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By Anthony DiPaola on 9/18/2019 DUBAI (Bloomberg) – Saudi Arabia reassured anxious customers that crude exports will keep flowing as normal and its industry can recover quickly from the worst attack in its history. Crude prices fell after Tuesday’s long-awaited statement from the kingdom — which pumped almost 10% of the world’s oil before the Read More

Saudi Arabia partially restores output at damaged oil plant

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By Anthony DiPaola on 9/17/2019 DUBAI (Bloomberg) – Saudi Arabia attempted to move beyond the worst oil disruption in its history, assuring the world that crude exports will not suffer, its damaged facility had partially restarted and production capacity would be back to normal within months. The long-awaited statement on Tuesday from the kingdom — Read More

API: U.S. supply, global efforts cushion global oil markets after weekend attack

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By Dr. Dean Foreman, Chief Economist, American Petroleum Institute on 9/17/2019 WASHINGTON – An attack on a Saudi Arabian oil processing facility over the weekend has knocked out a significant part of Saudi production, at least temporarily, shaking oil markets. The precise amount and duration of the outage remains uncertain, and there are still unknowns Read More

Who can boost crude supply to offset attack on Saudi Arabia?

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By Julian Lee on 9/16/2019 LONDON (Bloomberg) – Here is a list of countries that could boost crude production to offset losses from Saudi Arabia in the event that the disruption to supplies from the attacks on its Abqaiq and Khurais processing facilities lasts longer than initially expected. It’s not a long list and much Read More

Trump faces tough choices after blaming Iran for Saudi oil attack

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By Jordan Fabian, Nick Wadhams, David Wainer and Glen Carey on 9/15/2019 WASHINGTON (Bloomberg) – The Trump administration sought to offer new evidence to back its claim that Iran conducted the attack on major Saudi Arabian oil facilities, saying the munitions used in the strikes were well beyond the capabilities of the Houthi rebels who Read More

Oil may jump as much as $10 a barrel after Saudi Arabia attack

4 days ago DieselGasoil Comments Off on Oil may jump as much as $10 a barrel after Saudi Arabia attack
By David Marino on 9/15/2019 NEW YORK (Bloomberg) – Oil analysts expect prices to jump at least $5 to $10/bbl Monday after a strike on a key facility cut Saudi Arabia’s production by half, pulling some 5% of world supply off the market. Saudi Aramco lost about 5.7 MMbpd of output after several unmanned aerial Read More

Saudi supply disruption puts the 630-MMbbl U.S. oil reserve in play

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By Stephen Cunningham and Ari Natter on 9/15/2019 WASHINGTOM (Bloomberg) – The Trump administration is standing by to deploy the nation’s emergency oil reserves and help stabilize markets if needed after a series of drone attacks in Saudi Arabia knocked out half of the kingdom’s crude output, or about 5% of world supplies. Energy Secretary Read More

Saudis race to restore oil output after Aramco attacks

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By Nayla Razzouk and Javier Blas on 9/15/2019 DUBAI (Bloomberg) – Saudi Arabia is racing to restore oil production after a brazen drone strike on a key Aramco facility slashed its output by half, or about 5% of world supply, an assault that the U.S. has blamed on Iran. Saudi Aramco’s Abqaiq crude production facility Read More