Global spare oil capacity in US hands after Saudi outage

Marco Green
September 16, 2019

He said there was "no evidence the attacks came from Yemen", though he did not offer any evidence for his theory of an Iranian strike.

Attacks on Saudi Arabia's oil facilities may impact Aramco's valuation but are unlikely to derail the kingdom's plan to sell shares in the oil giant, according to the Eurasia Group.

He added that the amount of oil released would be "sufficient to keep the markets well-supplied".

"Such remarks. are more like plotting by intelligence and secret organisations to damage the reputation of a country and create a framework for future actions", he said.

Foreign Affairs Sec. Teodoro Locsin Jr earlier said the oil field attack could affect the Philippines "deeply" since it could choke supply and cause prices to rise.

Mousavi said the U.S. allegations over the pre-dawn strikes on Abqaiq and Khurais in Eastern Province were meant to justify actions against Iran.

Saudi interior ministry spokesman Mansour al-Turki said there were no casualties in the attacks. "For now, markets are well supplied with ample commercial stocks", it said in a tweet.

"The United States strongly condemns today's attack on critical energy infrastructure".

A report from CNN said Houthi rebels took responsibility for the attack.

While the kingdom's oil wells, scattered over a vast area, may be tough to hit, its various oil processing facilities are much more exposed.

Saudi Arabia has spent billions on military hardware but recent events have underscored its infrastructure's vulnerability to attack.

Other reports by Click Lancashire

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