Saudi Arabia reportedly shuts down half its oil production after drone attack
Saudi Arabia reportedly shuts down half its oil production after drone attack
Yun Li cnbc.com
Key Points
- The closure will impact almost five million barrels of crude production a day, about 5% of the world’s daily oil production, the WSJ reported.
- Early Saturday, an oilfield operated by Saudi Aramco, the state-owned oil giant, was attacked by a number of drones.
- Yemen’s Houthi rebels have claimed responsibility for the attack, saying it was one of their largest attacks ever inside the kingdom, the WSJ reported.
https://www.cnbc.com/2019/09/14/saudi-arabia-is-shutting-down-half-...
Views: 282
Replies to This Discussion
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Permalink Reply by W. Carter Richardson on -
What type of up side are we going to see with CHK's stock price on Monday morn?
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Permalink Reply by Skip Peel - Mineral Consultant on
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The Saudis are making the claim that they have enough surplus oil in storage to avoid any immediate supply shortage. Time will tell if that is true however like most markets oil trading moves on little and sometimes vague news so I would expect a modest uptick in price short term. By the end of next week we should read reports on whether the Saudis can make good on their claim. I would expect CHK to benefit also just not as much as some operators with a better reputation and higher ratio of oil in their product mix.
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Permalink Reply by Lisa Melder-Johnson on
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This could make the price got up some. Time will tell.
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Permalink Reply by dbob on
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Fundamentally, its a bit bullish for oil, but for natural gas stocks and prices, I'd call it a negative. Why? Because If you increase the price of oil (say above $70/bbl) it will just cause the Permian spigot to open wider. And while there is oil over there, there is a lot of gas, and there are more pipelines coming to bring it to market
Perversely, the best thing for natural gas prices would be to crater oil prices for 18-36 months and let the decline curve of the Permian wells work its magic.
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Permalink Reply by Skip Peel - Mineral Consultant on
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Agree, dbob. The best thing for natural gas prices would be sub $50/barrel oil.
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