"While Aramco officials have suggested that exports may restart within days, there is a high degree of ambiguity around timing, extent of damage, coordinated supply response measures and the impact on investor sentiment," Croft said.
Going forward, the best real-time gauge of tightness in the oil market is demand from Asian countries including Japan and Korea, according to Croft. She expects them to lean more on US and West African exports while Saudi gets back to speed.Iran and Venezuela were already tight on so-called sour crude oil that contains a higher amount of sulfur. The drone strike has knocked out a good share of Saudi's output of this grade.
The latest shortfall can wreck havoc on global trade patterns, as refiners who need a specific kind of crude may struggle to find the amounts they require, Croft said.Global refinery margins have been trending lower over the past year, suggesting that demand for oil was softening.
WE HAVE PLENTY OF OIL.
Was this attack a ploy to increase the crude prices? Benefits some mighty rich for sure & buyers anyways don't have many options.. JustAsking SaudiArabia SaudiAramco Iran USA Israel POTUS Trump Rouhani
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CNBC - 🏆 12. / 72 Read more »