Posted on 09/16/2019 6:06:10 AM PDT by Enlightened1
Drone attacks on two critical production facilities in Saudi Arabia wiped out over 5% of the world’s oil supply in one go, eliminating the spare capacity of the entire globe.
The attacks, which targeted an oil processing facility at Abqaiq and the nearby Khurais oil field knocked out 5.7 million barrels of daily crude production, a whopping 50% of Saudi Arabia’s entire oil output.
“This incident effectively eliminates the world’s spare capacity,” said Sarah Cottle, global head of market insight at S&P Global Platts.
The attacks led at one point to oil prices spiking by 19%, the biggest leap since 1991.
Despite Houthi rebels fighting Saudi forces in Yemen taking credit, The Trump administration immediately indicated that it may be about to blame Iran.
“Saudi Arabia oil supply was attacked. There is reason to believe that we know the culprit, are locked and loaded depending on verification, but are waiting to hear from the Kingdom as to who they believe was the cause of this attack, and under what terms we would proceed!” tweeted President Trump.
The irony of military action against Iran at this point is the fact that Trump just fired one oft he biggest cheerleaders for precisely that, John Bolton.
War with Iran could be potentially catastrophic for the world and would see Trump reverse yet another of his campaign promises, the vow to not get entangled in any more Middle Eastern quagmires.
(Excerpt) Read more at summit.news ...
The “alleged” drone strikes (more likely Iranian missiles) took some things offline for a day or two. SA said their supply will be uninterrupted by today.
What idiotic hyperbole! 5% of the world’s oil supply is quite different from 5% of the world’s production capacity until pumping, pipeline and refining facilities are repaired.
The 9/11 Saudis despite their wealth and possession of a huge horde of the world’s most sophisticated weaponry cannot defend themselves or defeat starving Yemini rebels. Time to ditch these duplicitous Arab terrorists, punish Iran severely for the 1979 hostage humiliation and then move on out of the Mideast quagmire. The bottom line is that whoever controls the oil must sell it or starve.
BullFarb!
I do not believe a word of this nonsense.
It may of stopped (temporarily) this particular operation, but that is about all.
Sounds to me like the oil demons are trying to set us up for an increase in at pump price.
I have to say, now is when we need a hawk like Bolton. This should be unacceptable in today’s world and only a MAJOR counter attack should be acceptable.
Thank God Almighty for frackers in the U.S. When the price of oil goes up high enough to make a profit through fracking, the various dormant fracking companies kick into gear and start producing oil from U.S. soil. This brings the price of oil back down. This is why the price of oil hasn't skyrocketed as much as the doomsday headlines would have you believe.
Pre-fracking, an event like this would have been butt ugly.
Let the Saudis handle this. With their OPC revenue, they can afford to protect their ability to sell.
Bolton is and always has been militarily incompetent.
There are times and places for punitive wars and punitive strikes.
Wars of occupation are inappropriate for many situations.
Basic, rudimentary facts which many veterans on this site pointed out at the beginnings of our doomed and foolhardy ventures into Iraq and Afghanistan.
No, we never needed John Bolton because he has always been incompetent as to what sort of retaliation was appropriate for a situation.
In other news, 95% of world’s oil supply still flowing...
The guy on BBC said there’s lots of Oil out there , Saudi Arabia has like 185 million barrels on hand ready to go , but it’s really about Scaring everyone
I think so too. But they've done a rotten job of scaring people. I think they've won themselves a day or two of low-level global panic, and I think we're almost back to normal now.
Drill. Drill. Drill. Frack. Frack. Frack.
American self-sufficiency is key.
Just as get all manufacturing back home.
All PR pumped out by speculators who are going to work some short-term market panic for a quick profit.
These 2 things are not the same.So they slowed down SA gas refinery for a few days. That hardly impacts the 'worlds oil supply'. If anything it adds to the worlds oil supply through lack of refinement. I smell swamp gas.
It did not literally wipe out 5% of the oil, it made it impossible to process 5% of it for a while.
Title sucks.
Home heating oil went up 20 cents a gallon today. I was waiting for the tank to get low enough before I filled. There goes an extra $40 I could have had in my pocket.
Drone Strikes in Saudi Arabia Wipe Out 5% of Global Oil SupplyFake news.
Are you a war monger?
I believe subsequent reports identified the attacks as missile strikes.
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