Saudi Arabia Oil minister, in a news conference, last night noted that the country’s crude oil production has decreased 5.7 million barrels per day, -58%, due to Abqiq and Khurais oil fields attacks. According to sources, the current market is supplied from strategic oil sources of Saudi Arabia.
US energy minister has also reported that they are ready to release strategic oil sources. Pompeo, US foreign minister also tweeted that #Iran is responsible for the attack and Yemen plays no role in the matter.
According to S&P Global, If outages are as big as suspected, this will have huge implications for oil prices, Much will depend on what’s out, the extent of the damage, and the ability of storage to cushion.