New Delhi: The global oil prices hit an all-new high in four months following the devastating drone attacks on two oil facilities in Saudi Arabia, stated a report.
While the Brent crude increased by nearly 12 per cent on Monday, the International benchmark Brent crude futures witnessed an 11.7 per cent increase from their New York close on Friday. Later by 0108 GMT on September 13, the International benchmark Brent crude futures stood at $67.28 per barrel after witnessing a session high of $71.95 per barrel at the opening which is over 19 per cent increase.
Meanwhile, Energy Minister Prince Abdulaziz bin Salman told Saudi Press Agency that the drone attacks have temporarily suspended the oil production at Abqaiq oil processing facility and the Khurais oil field.
Notably, Saudi Arabia reduced over half of its oil output following Saturday’s drone attacks which caused fires at two oil facilities of Saudi petroleum company Aramco. An official statement issued by Aramco noted that the drone attacks has suspended the production of 5.7 million barrels of crude which represents over half of Saudi Arabia’s oil output. The devastating strikes which were carried out by a fleet of 10 drones have also raked up the already prevalent tensions between Iran and the Persian Gulf.
Reacting to the Saudi Arabia drone attacks, US President Donald Trump claimed that he has authorized the release of oil from the Strategic Petroleum Reserve. Taking to his official Twitter handle, Trump said, “I have also informed all appropriate agencies to expedite approvals of the oil pipelines currently in the permitting process in Texas and various other States.”
Earlier today, the US President further tweeted: “Saudi Arabia oil supply was attacked. There is reason to believe that we know the culprit, are locked and loaded depending on verification, but are waiting to hear from the Kingdom as to who they believe was the cause of this attack, and under what terms we would proceed!”