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Oil quotes increased 10% because of the explosions in Saudi Arabia

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Oil quotes increased 10% because of the explosions in Saudi Arabia
September 16
09:00 2019

Today, oil prices have jumped about 10% after the publication of news about explosions at oil facilities in Saudi Arabia. The suspended production accounts for about 6% of global energy production.

As of 8 a.m. Moscow time, futures of Brent crude oil for November delivery were trading at $ 66.3 per barrel on the London Stock Exchange. This is 6 dollars more than they cost on Friday.

On NYMEX contracts of the American WTI crude oil cost almost $ 60, which is $ 5 more than their price at the last session.

The maximum price rise was increasing 13%. This is the biggest increase since February 2016.

We recall that September 14 was marked by some incidents. Drones attacked the Khurais field and the Abqaiq plant in Saudi Arabia. The attacks resulted in explosions and a fire. A decrease in oil production by 5.7 million b / d was a sad consequence. This volume is approximately half of what is produced in the “Land of Two Shrines”.

Abqaiq produces about 10 million b/d as usual. It is one of the largest enterprises in the world. Problems at the facilities have been confirmed by the authorities. However, the Minister of Energy of Saudi Arabia said that the fire had already been taken under control.

According to analysts, production in the amount of 3 million b / d will be restored within a week. It will take a bit more time to return to pre-accident indicators.

Facilities in Saudi Arabia have been attacked several times, but the latter case was the most serious and significantly damaged the infrastructure. You should also bear in mind the tense situation in the Middle East, which could affect oil supplies from this region.

By this evening, Saudi Arabia plans to restore about a third of the lost capacity.

Yemeni Hussites have taken responsibility for the incident. However, Secretary of State Mike Pompeo believes that Iran is responsible for the attacks, because there is no evidence regarding Yemeni militants.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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