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Saudi Arabia's oil supply disrupted after drone attacks: sources

Published 09/14/2019, 09:31 AM
Updated 09/14/2019, 09:36 AM
Saudi Arabia's oil supply disrupted after drone attacks: sources

DUBAI/LONDON (Reuters) - Saudi Arabia's oil production and exports have been disrupted, said three sources familiar with the matter, after drone attacks on two Aramco plants on Saturday, including the world's biggest oil processing facility.

One of the sources said the attacks have impacted 5 million barrels per day of oil production -- almost half the kingdom's current output. The source did not elaborate.

Saudi Aramco operates the world's largest oil processing facility and crude oil stabilization plant in the world at Abqaiq, in eastern Saudi Arabia. The plant has a crude oil processing capacity of more than 7 million barrels per day.

Latest comments

Spx has 7% exposure of oil stocks we may see 3065
Xle will be enjoing on monday and will run crazy up to one month
Bin ladin son death will disturb oil supply also, attackers everwhere they need to be wipe out from world
Even 90 dollars
5-6% oil suppy mean crude oil 75 dollars
I am ok for oil to go back to $100.
or how about Iran
Will be nice if US easily fills that void.
Saudu orchestrated drama. cheap stunts.
Media expects oil to skyrocket. This is precisely why I believe it won't happen. Just like the recession narrative being pumped. A lot of misdirection going on.
58 dollars next on minday
58 dollars next
Newbie question. Can you please elaborate on why a disruption of the world oil supply would cause you to short USD/CAD. I am presuming you believe you are saying that the loss in oil production will lead to the U.S. dollar weakening against the Canadian dollar. Any elaboration would be much appreciated.
Prior to this recent news, OPEC agreed to cut oil production. So the recent news about Saudi Aramco likely compounds the cut in production. As for currencies, I am not addressing that because I am uncertain how markets will respond internationally. Will oil sink in price? I don't think it will because now there will be millions of barrels less available on the world market (Supply and demand). Will the markets stay the same? I don't think so because there is a drastic reduction in world oil output so I would think that the price of oil will spike up and eventually go over 100.00 per barrel in the future. I am not an expert but these are just my views.
I'm also newbie. and in my opinion, . . . Oil can be paid thru only us dollar(1975 by kissinger). . . it means, when Oil price Hike, then, us Dollar weaken relatively
I worked on the San Francisco Pacific Stock Exchange in the 1980's & I attend the University of Nevada, Las Vegas (Social Science major). I attended high school close to where Prince Al-Waleed bin Talal attended Menlo College in the USA. The oil supply disruption was said to have cut oil production way down. I believe that this could possibly send oil prices through the roof when markets start to open on Monday. Some news on the internet is projecting oil at over $100.00 per barrel.
Short USD CAD
Am I the only one that the winter is about to repeat itself from last one?
Which was?
 when the market went down so badly.
what about gold
i guess their paying them to do this now to get gas to 80.lol. theur mad they cant control prices anymore.lol.
that the key. right before the aramco ipo. saudia rabia is definitely behind this. not to mention this isnt the first time drones have attacted and no defense for your precious oil??? very suspicious.
I am new to this plzz someone tell me impact of this news on USDCHF pair ???plz
come on. don't be mean, he is learning by asking. lol. explain to him why it doesn't matter.
  you are also welcome to share your knowledge...plz comment your views
I am novice in usdchf so I didn't say anything of value in my first comment. since you asked, I would say there is barely any correlation between this event and this pair. global flight to safe haven is more to do with global economic tension, not few bombs flying off in regions where stability has been where it is now. this has more to do with oil commodity than anything, imo.
iffect on Ng also?please update me
4%up crude oil monday
iffect on Ng also ?
oil rally will start again on Monday
Saudi officials are considering drawing down their oil stocks to sell to foreign buyers to make sure world oil supplies won't be disrupted by the attack and shutdown, the WSJ reported.The Houthis had been behind a series of attacks on Saudi pipelines, tankers and other infrastructure in the past few years.
Best time to buy Europe banks bcoz Europe changed policy
I guess we can expect a large Gap at market opening. crucial.
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