The world’s oil producers keep a massive amount of capacity in reserve. But it’s almost all in Saudi Arabia and the drone attack messed with that too.
|09/16/2019||Posted by BusinessMediaguide.Com under General World News||
- The drone attacks on Saudi Arabia’s oil plants didn’t just halve the country’s production and send the price of oil rocketing.
- They also harmed the country’s spare production capacity, which can produce some 2 million barrels a day and used during emergencies.
- Drones hit two refineries owned by state-owned giant Saudi Aramco on Saturday, shutting down production on around 5% of the world’s daily crude oil production and causing oil prices to surge up to 20%.
- The world’s oil market is well supplied for now, but other oil producing countries are unstable, don’t have these facilities, or are under sanctions.
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