Saudi Arabia has yet to comment on the extent of damage on its oil production but industry sources have said some 5-6 million barrels per day or 5-6% of global supply have been affected.
Spare capacity is the extra oil a producing country can bring onstream and sustain at short notice, providing global markets with a cushion in the event of natural disaster, conflict or any other cause of an unplanned supply outage. The United States has briefly overtaken Saudi Arabia as the world largest crude exporter this year, only a few years after removing a ban on oil exports because of large needs at home as the world’s largest oil consumer.
Besides the United States, the only countries which have significant spare capacity are Iran and Venezuela.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Only 179 Nigerians were allowed to leave South Africa - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Home Affairs Minister, Aaron Motsoaledi, has confirmed that 179 people were allowed to leave South Africa for Nigeria from Johannesburg on Wednesday.
Source: SABC News Online - 🏆 32. / 51 Read more »
UN regrets US asylum decision - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.The United Nations Refugee Agency has criticized a decision by the Supreme Court of the United States allowing the administration of President Donald Trump to bar migrants, mainly from Central America, from seeking asylum in the country.
Source: SABC News Online - 🏆 32. / 51 Read more »
Tourism drops after Gauteng riots - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.The tourism sector in Gauteng is feeling the brunt from the recent violence and looting of businesses in the province.
Source: SABC News Online - 🏆 32. / 51 Read more »
Looted out of businessSouth African businesses are cleaning up following looting in Germiston.
Source: eNCA - 🏆 49. / 51 Read more »