Fears impact of attack on Saudi oil industry could be felt for months
“Brent crude prices posted their biggest percentage gain since Saddam Hussein invaded Kuwait as traders fretted that production in the world’s biggest oil exporter would stay below maximum capacity for an extended period.”
USAGOLD note: The immediate question on Saturday when the attack occurred was “How long will the disruption last?” It looks like it going to be awhile, according to this article. The bigger issue is the continued vulnerability. In another FT article, one analyst called Abqaiq ‘the Achilles heel of the world economy.’
Image: Aramco’s first commercial oil well in Saudi Arabia March 3, 1938.