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SOURCE: Dubai
Naser al-Tibi, an energy specialist, described the Aramco factory in Abqaiq province, hit by the terrorist attacks at dawn on Saturday, as a "beating heart" no only Saudi oil installations but also the Saudi oil and gas system. The Bell plant includes a number of concentration units through which oil and gas are collected, and also improves the extraction of natural gas liquids.
"Most of Saudi production goes through Abqaiq before it is processed, and it is either shipped to export points in the Persian Gulf or on the Red Sea coast, or used internally for export. storage, petrochemical facilities and refineries ".
"This is a very important complex and a big event, we are talking about 5.7 million barrels out of the 9.8 million barrels produced in Saudi Arabia during the month of August," secondary sources said.
On the other hand, he pointed out that the blocked stocks constituted 5% of the world's supply. It would not be surprising then that oil prices climb between 2 and 3 dollars at the opening tomorrow.
As a result, the oil market will come back to enter the risk premium for security risks in the region, unlike in the previous period when the market was not sufficiently priced for geopolitical security and risks, "he said. as much more than this incident is not the first of its kind after the continuing attacks of tankers and installations.
But he added that the oil markets are still focused on a supply surplus, the weakness of the global economy and what is happening specifically in the Sino-US trade war.
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