Smoke rises from the Saudi Aramco facility near Abqaiq, Saudi Arabia, September 14 2019. Picture: REUTERS
"The sudden change in geopolitical risk warrants not only an elimination of the $5-$10 a barrel discount on bearish sentiment, but adds a potential $5-$10 a barrel premium to account for now-undeniably high Middle Eastern dangers to supply and the sudden elimination of spare capacity," it said in a note.
Prices could move higher still if Saudi output is curtailed for a more substantial period, the note's author Chris Midgley, global head of analytics at S&P Global Platts, wrote. However, that is not its current assumption. Platts said, however, that"any evidence of prolonged disruption of production would heavily impact Opec spare capacity and the ability of the IEA to use strategic petroleum reserves to shore up the market".
المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين
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Global oil in US hands after Saudi outage - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.An attack on Saudi oil facilities on Saturday is believed to have disrupted half the country’s production capacity, making the United States the only real holder of the global supply cushion via its ability to raise own output or to soften sanctions against other major oil producers.
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US blames Iran for Saudi attacks - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.US Secretary of State Mike Pompeo on Saturday accused Iran of leading attacks on Saudi oil plants that have cut the kingdom's output roughly in half, as he ruled out Yemeni involvement and denounced Tehran for engaging in false diplomacy.
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