Saudi Arabia
News
September 17, 2019
The Pentagon is preparing a report on who was responsible for the weekend attack on Saudi oil facilities and intends to make it public within 48 hours, a U.S. defense official said.
News
September 17, 2019
Oil plunged nearly 7% in London after Reuters reported Saudi Arabia is close to restoring 70% of the oil production it lost after this weekend’s attack on a key crude facility in the kingdom.
News
September 17, 2019
Nearly all of the kingdom’s oil shipments to Canada travel to New Brunswick, home to a single refinery, Irving Oil Ltd.’s Saint John plant, which can process about 299,000 bpd. The refinery relied on Saudi crude for more than 40% of its supplies in July, Statistics Canada data show.
News
September 17, 2019
The U.S. energy revolution has fundamentally added to U.S. and global near-term deliverability of oil, natural gas and natural gas liquids, generally helping stabilize the global market against supply disruptions.
News
September 17, 2019
Chevron could start oil production “relatively quickly” in the so-called partitioned zone between Saudi Arabia and Kuwait if required to by both nations, CEO Mike Wirth said in an interview with CNBC.
News
September 17, 2019
Saudi Aramco notified at least four customers that some crude deliveries in early October will be delayed to later in the month after attacks on its facilities cut output, though they’ll still receive their full contracted volumes, according to people with knowledge of the matter.
News
September 17, 2019
The impact at the pump should start to become more pronounced late Tuesday or Wednesday, according to Patrick DeHaan, senior petroleum analyst at GasBuddy. That’s after gasoline distributors adjust prices to match gains in futures and regional spot markets.
News
September 17, 2019
Officials at state oil company Saudi Aramco have become less optimistic on the pace of output recovery, telling a senior foreign diplomat they face a “severe” disruption measured in weeks and months and informing some customers that October shipments will be delayed.
News
September 16, 2019
The list of countries that could boost production to offset losses from Saudi Arabia is not a long one, and much of their "spare" capacity may not be accessible.
News
September 16, 2019
Saudi Arabia said preliminary findings show Iranian weapons were used in the attack on one of its key oil installations, but stopped short of directly blaming the Islamic Republic for the strikes that cut its crude output by half and rattled oil markets.
News
September 16, 2019
Saudi Aramco officials are growing less optimistic that there will be a rapid recovery in oil production after the attack on the giant Abqaiq processing plant, a person with knowledge of the matter said.
News
September 16, 2019
The attack on the kingdom’s most important oil production facility halved Saudi output and is crimping the availability of lighter grades such as Arab Extra Light and Arab Light. Those less-sulfurous grades are already in high demand due to new rules mandating a switch to cleaner shipping fuel.
News
September 15, 2019
The biggest moves could come from U.S. oil companies with a sizable short interest, including Apache, Continental Resources, Concho Resources, Devon Energy and Noble Energy, according to analysts at Houston-based Tudor Pickering Holt & Co.
News
September 15, 2019
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 claimed responsibility.
News
September 15, 2019
"There is but one rational takeaway from this weekend’s drone attacks on the Kingdom’s infrastructure – that infrastructure is highly vulnerable to attack, and the market has been persistently mispricing oil,” Citigroup Inc.’s Ed Morse wrote in a research note.
News
September 15, 2019
Energy Secretary Rick Perry is ready to draw down stocks from the Strategic Petroleum Reserve “to offset any disruptions to oil markets as a result of this act of aggression,” his spokeswoman said. Perry also ordered officials to work with the International Energy Agency on possible options for coordinated action.
News
September 15, 2019
The latest and most destructive attacks on Saudi oil facilities provide stark evidence of the vulnerability of global crude supply in an age of disruptive technologies that can bring a century-old industry – temporarily at least – to its knees.
News
September 15, 2019
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.
News
September 14, 2019
President Donald Trump spoke by phone on Saturday with Saudi Crown Prince Mohammed Bin Salman after a swarm of explosive drones hit key oil-industry targets in Saudi Arabia, the state-run Saudi Press Agency reported.
News
September 14, 2019
Fires at the plant were brought under control within hours, but the flow of crude from Saudi Arabia, the world’s biggest exporter, will almost certainly be affected, although we don’t yet know by how much or for how long. Traders who have shrugged off tensions in the Middle East for months will respond to this attack when markets open on Monday.
News
September 14, 2019
Saudi Arabia’s oil production was cut by half after a swarm of explosive drones struck at the heart of the kingdom’s oil industry and set the world’s biggest crude-processing plant ablaze.
