After drone strikes on two oil rigs in Saudi Arabia, US President Donald Trump has made it possible to release oil from the US reserves. "The attack on Saudi Arabia, which may have an effect on oil prices," he had approved the release from the strategic reserve, if necessary, Trump wrote on Sunday in the online service Twitter. To what extent this should happen, should still be determined. "Lots of oil," added Trump in a separate tweet.
On Saturday, two plants belonging to the Saudi Arabian state-owned company Aramco had been attacked in Abkaik and Churais in the east of the country. Among the attacks were the Yemeni Houthi rebels, who are supported by Saudi Arbian's archenemy Iran.
Stringer / REUTERS
Smoke over attacked Aramco plant: How do the markets react?
US Secretary of State Mike Pompeo wrote on Twitter that there was "no evidence that the attacks came from Yemen." Iran must be held accountable for its "aggression." The government in Washington, along with its allies, will ensure that the world's energy supply is secure.
Tehran is behind nearly 100 attacks on Saudi Arabia while Rouhani and Zarif pretend to engage in diplomacy. Amid all the calls for de-escalation, Iran has now launched an unprecedented attack on the world's energy supply. There is no evidence the attacks came from Yemen.
- Secretary Pompeo (@SecPompeo) September 14, 2019The attacks halved oil production in Saudi Arabia. In the markets, oil has already become significantly more expensive after the attacks. At the market opening on Sunday, the price of the North Sea Brent variety jumped by more than 19 percent to $ 71.95 a barrel (1 barrel = 159 liters). The price of a barrel of US light oil climbed more than 15 percent to $ 63.34.
Large reserves are likely to compensate for bottlenecks
For the time being, according to Saudi data, the production of 5.7 million barrels of oil per day is falling - equivalent to five percent of global production. According to an insider, it may take "weeks rather than days" to reach full capacity again. Nevertheless, given the high stocks of Saudi Arabia, exports are expected to continue as usual.
The Saudi Arabian Ministry of Energy said the weekend had a temporary effect, partly compensated by the supply of existing oil reserves in the market.