Oil prices soar after drone attacks
- 16/09/2019
- Posted by: Alan Feldberg
- Category: News
Oil prices are surging after drone strikes on Saudi Arabian oil plants knocked out more five per cent of global demand. Aramco has said the two attacks could reduce output by as much as 5.7 million barrels per day.
Brent crude jumped 10% to $66.28 a barrel, while West Texas Intermediate rose 8.9% to $59.75 in Asian trading.
Saudi energy Minister Prince Abdulaziz bin Salman said some of the fall in production would be made up by tapping huge storage facilities. The kingdom is the world’s biggest oil exporter, shipping more than seven million barrels daily. Saudi stocks stood at 188 million barrels in June, according to official data.
The US has blamed the drone strikes on Iran.
