The price of oil is expected to reach 100 dollars due to the attack against Saudi Arabia

The attack of the two oil installations in eastern Saudi Arabia, adopted by the Yemeni Houthis, threatens to dramatically reduce the volume of world oil exports, which could lead to a sharp rise prices of "black gold".

Some experts compare these developments with the events of the 1991 Gulf War, when military operations halted the operation of hundreds of oil fields in Kuwait and Iraq.

According to the Houthis, the 10-drone-led strike targeted the heart of Saudi Arabia's oil production system and caused significant damage to the Abqaiq oil refinery, which produces about 7 million barrels of oil a day, as well as Khurais migration, where production is about 1.5 million barrels.

Saudi Energy Minister, Abdulaziz bin Salman, announced in the evening of September 14 that the attack had resulted in the suspension of production of 5.7 million barrels of oil per day, or more than 50% of the rate in force in the country, or 9.8 million barrels.

The global oil market is losing 5.7% of its production, and JTD Energy analyst John Driscoll can not compensate for this deficit to the detriment of new products. Barrels.

Analysts Greg Humann of Onyx Commodities and Gerry Ross of Black Gold Investors predicted that Brent prices would rise by $ 5-10 to $ 65- $ 70 per barrel.

But that depends on how quickly Saudi Arabia can resume oil production to its former size, said Bob McNeely, an analyst at Rapidian Energy, adding that prices would rise from $ 10 to $ 15 if the shortfall persists for a week. But if the production is stopped for a month, it will exceed 100 dollars.

To reinforce these forecasts, a source close to Aramco told The Wall Street Journal that the two facilities were badly damaged, prompting the company to revise its initial estimate of how quickly it will be able to solve the problem. .

The source said the company planned to return about a third of the production, which had been lost until next Monday night, but not to the expected size, as originally planned.

Source: finanz.ru + agencies

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