|
|
|
|
Search: 
Latin American Herald Tribune
Venezuela Overview
Venezuelan Embassies & Consulates Around The World
Sites/Blogs about Venezuela
Venezuelan Newspapers
Facts about Venezuela
Venezuela Tourism
Embassies in Caracas

Colombia Overview
Colombian Embassies & Consulates Around the World
Government Links
Embassies in Bogota
Media
Sites/Blogs about Colombia
Educational Institutions

Stocks

Commodities
Crude Oil
US Gasoline Prices
Natural Gas
Gold
Silver
Copper

Euro
UK Pound
Australia Dollar
Canada Dollar
Brazil Real
Mexico Peso
India Rupee

Antigua & Barbuda
Aruba
Barbados
Cayman Islands
Cuba
Curacao
Dominica

Grenada
Haiti
Jamaica
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines

Belize
Costa Rica
El Salvador
Honduras
Nicaragua
Panama

Bahamas
Bermuda
Mexico

Argentina
Brazil
Chile
Guyana
Paraguay
Peru
Uruguay

What's New at LAHT?
Follow Us On Facebook
Follow Us On Twitter
Most Viewed on the Web
Popular on Twitter
Receive Our Daily Headlines


  HOME | Oil, Mining & Energy (Click here for more)

Attacks on Saudi Facilities Roil Global Oil Market

LONDON – The 5 percent drop in global crude output caused by last weekend’s strikes on Saudi petroleum facilities was reflected on Monday in steep hikes in oil prices on international markets.

The price of Brent crude, the international benchmark, shot up nearly 20 percent to $71.95 a barrel, the largest increase in percentage terms since the Iraqi invasion of Kuwait in 1990.

By the end of the trading day in Europe, the price of Brent fell back to $69.02 a barrel, up 14.59 percent from last week’s close.

The US benchmark, West Texas Intermediate, climbed 14.8 percent to $62.90 a barrel to post its biggest one-day jump in more than a decade.

Seeking to calm the markets, the United States announced that President Donald Trump had given authorization in principle for the release of crude from the Strategic Petroleum Reserve (SPR) to stabilize prices, if that should prove necessary.

But US Energy Secretary Rick Perry said it was too soon to say whether Washington will need to tap its emergency oil stocks.

“I think we’re yet a little premature in making in comments on ... whether or not the SPR’s going to be needed until we get a real handle on the length of time that this facility is going to be down,” he told CNBC television.

“I think the Saudis are already saying that they’re going to be able to get a third of this production back before the closing of business today,” Perry said. “There’s going to be a spike in this, but again, I want to be really clear that the market out there has a fairly substantial amount of oil available.”

The grouping known as OPEC+, comprising the 14-member Organization of Oil Exporting Countries along with other major producers such as Russia and Kazakhstan, is not contemplating any special measures in response to the decline in output from Saudi Arabia, Moscow said on Monday.

Saudi state-owned oil giant Aramco said that it could be weeks before the damaged facilities to return to normal operation and said that the attacks had reduced its production by around 5.6 million barrels per day.

Houthi rebels in Yemen, where Saudi Arabia has been waging war since 2015, claimed responsibility for Saturday’s attacks, but US officials have blamed Iran.

 

Enter your email address to subscribe to free headlines (and great cartoons so every email has a happy ending!) from the Latin American Herald Tribune:

 

Copyright Latin American Herald Tribune - 2005-2019 © All rights reserved