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| Attack on world’s largest crude terminal in Saudi Arabia sends oil surging to 13-month high | Attack on world’s largest crude terminal in Saudi Arabia sends oil surging to 13-month high |
| (6 months later) | |
| Global prices for crude oil extended gains to a more than one-year high on Monday, after an alarm message from Saudi Arabia that the world’s largest crude terminal at Ras Tanura had been attacked. Output remained unaffected. | Global prices for crude oil extended gains to a more than one-year high on Monday, after an alarm message from Saudi Arabia that the world’s largest crude terminal at Ras Tanura had been attacked. Output remained unaffected. |
| International benchmark Brent was up 2.9 percent to $71 a barrel – the highest since January 2020 – while West Texas Intermediate climbed to $67,59 per barrel, marking a growth of 2.53 percent. | International benchmark Brent was up 2.9 percent to $71 a barrel – the highest since January 2020 – while West Texas Intermediate climbed to $67,59 per barrel, marking a growth of 2.53 percent. |
| A crude-oil storage tank at Ras Tanura, on the Gulf kingdom’s coast, was reportedly targeted by a drone from the sea on Sunday, despite the terminal being one of the most protected facilities in the world. Its daily export capacities of around 6.5 million barrels a day account for about seven percent of global oil demand. | A crude-oil storage tank at Ras Tanura, on the Gulf kingdom’s coast, was reportedly targeted by a drone from the sea on Sunday, despite the terminal being one of the most protected facilities in the world. Its daily export capacities of around 6.5 million barrels a day account for about seven percent of global oil demand. |
| The attack comes as part of a recent escalation of warring tensions in the Middle East, after Yemen’s Houthi rebels reportedly launched a series of attacks on Saudi Arabia. Sunday’s incursion was the most serious against a Saudi oil facility since September 2019, when a key processing facility and two oil fields came under fire, causing a halt to production for several days. | The attack comes as part of a recent escalation of warring tensions in the Middle East, after Yemen’s Houthi rebels reportedly launched a series of attacks on Saudi Arabia. Sunday’s incursion was the most serious against a Saudi oil facility since September 2019, when a key processing facility and two oil fields came under fire, causing a halt to production for several days. |
| Crude prices extended their rally last week, following the news that the Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers, together known as OPEC+, agreed to prolong existing output curbs for April. At the same time, Saudi Arabia, the world’s biggest oil producer, made a surprise announcement that it would maintain its voluntary supply cuts in April, withholding a million barrels a day from the market in addition to the cartel’s efforts. | Crude prices extended their rally last week, following the news that the Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers, together known as OPEC+, agreed to prolong existing output curbs for April. At the same time, Saudi Arabia, the world’s biggest oil producer, made a surprise announcement that it would maintain its voluntary supply cuts in April, withholding a million barrels a day from the market in addition to the cartel’s efforts. |
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