Oil price is expected to gain 15% on September 16th 2019. Yemen’s Houthi rebels have attacked Saudi Aramco oil facilities in Abqaiq and Khurais with drones on Saturday. This attack will cause the oil output of Saudi to decreases 5 million barrels per day! It means that global oil supply softens 5%, a major challenge!

A key point to remember is that Abqaiq is the biggest oil complex of Saudi Arabia as well as the most important in the world, producing 7 million barrels of oil per day.

It is reported that Abqaiq’s residents are leaving the city. Analysts believe that it takes a long time for Saudi Arabia to manage the crisis so it is expected that US and Europe use their strategic petroleum reserves in order to control the tension.

 

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