Last week oil refinery stations and oil fields in Saudi Arabia were hit by drones which caused a huge loss of oil and is now set to affect the oil prices in the market.
Oil prices spiked nearly 20% following a drone attack on a processing facility and an oil field in Saudi Arabia. The Saturday attacks cut over 5% of global supply and sent Brent crude surging as markets opened Monday — the most since trading began in 1988 before paring down slightly.
Saudi’s national oil company Aramco was set to restore two million barrels by today, reported The Wall Street Journal, citing anonymous sources. President Trump also authorized the release of oil from the U.S.’ strategic reserve — if needed.
Futures retreated slightly after US President Donald Trump said he had authorized the use of oil from the country’s emergency reserve. In a series of tweets, Trump said that he had ordered that oil from the Strategic Petroleum Reserve, or SPR, be used “if needed.” He said he would use enough oil “to keep the markets well-supplied.”
Author: Moses Echodu
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