Middle East: Saudi oil attacks push prices up by highest price surge since 1988

Price of Brent crude surges by more than $12 a barrel as 5% of world’s oil supply is wiped out

Saudi Oil Attack

The Saudi oil attacks have triggered the steepest crude market price surge in 30 years and stoked fears for the global economy.

The attacks on Saudi Arabia’s oil infrastructure led to the biggest jump in global prices since 1988 by wiping out 5.7m barrels of production a day – 5% of the world’s oil supply.

The price of Brent crude surged by more than $12 (£9.60) a barrel within seconds as trading began in London, quickly climbing to highs of $70.88 – a rise of more than 19% – before settling lower in a day of record-breaking oil trading. By Monday evening oil was trading at nearly $69, up 15% on the day.               

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Everything you need to know about the Saudi Arabia oil attacks

 This image provided by the US government and DigitalGlobe shows damage to the infrastructure at Saudi Aramco’s Abqaiq oil processing facility in Buqyaq. Photograph: maldonci/AP
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Comments

  • kamtanblog  On September 17, 2019 at 5:23 am

    Simple Simon Says
    War of drones can be expensive/costly
    at 200m+ each. Will Saudi or Israel agree
    to foot the bill ? Doubt it !
    Foot and robot soldiers less but takes
    much longer …Vietnam ?
    Am sure Humpty Dumpty will consult
    with Rass-Putin first …the other bullying
    thug…scum bags. Aka warmongering!!

    Think higher oil price will benefit
    USA/EU/Uk more than others.
    Let’s hope it pushes a boom in alternative
    energy sources. Wind wave solar. Renewables !
    Guyana should welcome higher oil price
    as they prepare for massive oil production
    in 2020 and beyond. Maybe even join
    OPEC to hedge their bets !
    We shall soon find out
    War or peace ?

    Kamtan

  • Veda Nath Mohabir  On September 18, 2019 at 1:28 pm

    This instability in oil prices will continue until alternatives become mainstream. But the greater danger is the unintended consequences of war (or intended by them and their supporters with an Abrahamic messianic vision of the future).

    Unfortunately, many in the media belong to ‘echo chambers’ where misinformation or underinformation rules. Few understand the background to the conflict between these two groups. So, the dunces do not talk about it nor do they know it is intractable or unsovable, and therefore how dangerous it is.

    In a nutshell, here is the background. Fourteen hundred years ago an influential man – religious, political and warlord – among these people died without a male heir, and most importantly, without a succession plan – something someone of his stature, anointed as he claimed, should have had the foresight to do.

    This man (at 50) had a child-wife, among his many others, not to mention concubines/slave-women among whomever he forced his vision on.

    So when he died, there was a predictable (except in his mind) split among his followers. His child wife, then 18, and her supporters were on one side; and his daughter/husband were on the other side.
    They warred for succession.

    Ever since, the two groups have been apart. Iran and acolytes follow the daughter’s side; and the Saudis and theirs follow the wife, Aisha’s, side.
    That man was Muhammad !

    VedaNM

    • kamtanblog  On September 18, 2019 at 1:34 pm

      Mohamed aka Jesus ?
      We’re both these individuals “aliens” ?

      My jury out !

      Kamtan 👽

      • Trevor  On September 20, 2019 at 7:25 am

        Jesus, our Lord and Saviour, is not Muhammad.

        Muhammad was born 700 years after Christ was crucified by the Judases.

      • kamtanblog  On September 20, 2019 at 8:45 am

        Really !
        Which religious group says so ?
        Remind you that history is usually written
        by the “victors”….

        Go figure

        Kamtan

    • Ramesh  On September 18, 2019 at 4:12 pm

      Muhammad had three sons and all three died in childhood. Of his four daughters, only one, Fatimah, reached adulthood.

      That’s why Muhammad left no successor to his lifestyle. But what would that successor have succeeded? He was a warlord and a butcher who was unceremoniously kicked out of Mecca for his extreme violence. What was there to succeed?

      He was more about satisfying his personal needs and to take as many wives as he could. He was only a prophet by self proclamation. But who in nomadic Mideast would dare question a violent bully in those days?

      I agree that there will be no peace in that part of the world because of religious conflict and historical confusion.

      Ramesh.

      • kamtanblog  On September 19, 2019 at 4:21 am

        Ramesh
        You nailed it in final sentence/comment
        “I agree there will be no peace in that part of the world because of religious conflict and historical confusion”

        May also add….
        Instigated by religious zealots on both sides of the “belief” systems.
        Religion the opium of church mosque and synagogue. !

        Kamtan

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