Oil prices expected to spike after Saudi Arabia halts production

Oil prices expected to spike after Saudi Arabia halts production

Following a drone attack Saturday that struck a giant refinery, Saudi Arabia’s Interior Ministry announced that the government would shut-in half of its national oil production. This translates to roughly 5 million barrels of oil per day, or 5 per cent of global crude production. Experts say crude oil prices could see a sharp spike of $5-7 per barrel when global markets open for trade Monday.

Kathy
Kathy
porcus
porcus 7 months

5% reduction in global crude production is not insignificant. And it's likely going to take a while to repair the facility too. The use of the drones to perform this attack is probably going to be repeated at another facility...

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