Strike on fuel industry in Saudi Arabia causes global oil prices to rise

On Sunday, 10 unmanned aerial vehicles struck Saudi Arabia’s oil industry, including the oil field at Kurais and the world’s largest crude-processing facility in Abquiq. Accounting for 6% of global output, the attack will have major impacts around the world and shippers should expect fuel charges to increase in the coming weeks as crude supplies tighten.

Crude prices are already seeing major swings as markets opened Monday 15-20% higher than expected. The Saudi Arabian Oil Co., Saudi Arabia’s state-run oil company, will likely dip into its reserves to help mitigate the disruption. Additionally, Riyadh indicates its stockpiles will keep world markets supplied until the damage is repaired to their facilities and U.S. President Trump has hinted at dipping into the U.S. Strategic Petroleum Reserve if necessary.

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