Aramco Attack Updates: Oil Prices Rises 20% on Monday Marking First Record since 1991

September 16, 2019

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Oil prices soared as much as 20% on Monday, with Brent crude posting its biggest intra-day percentage gain since the Gulf War in 1991, according to Reuters which reported the latest consequences of the Yemeni drone attack on sites Aramco facility.

Reuters report included also the following major points:

* Saudi Aramco’s full return to normal oil output volumes “may take months”, two sources said on Monday.

* Saudi Arabia usually ships more than 7 million bpd of oil to global destinations and has for years served as the market’s supplier of last resort.

 * The attack, which knocked out more than half of Saudi Arabia’s output, constrained its ability to use more than 2 million bpd of spare oil capacity held for emergencies.
Yemeni revolutionaries claimed responsibility on Saturday for drone attacks on two major facilities run by Saudi Aramco, Saudi Arabia’s state-owned oil giant.

SourceReuters

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