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Oil rises after report on Saudi Arabia's inability to meet demand

2019-09-19 12:55 pm | Resource: News | No Views : 16

Oil rises after report on Saudi Arabia's inability to meet demand

Oil prices rose sharply on Thursday after CBS News quoted an unnamed US official as saying that Iran's supreme leader, Ayatollah Ali Khamenei, approved last weekend's attack on Saudi Arabia's oil infrastructure targeting Aramco.

. In another development, the International Energy Agency welcomed the statement made by Saudi Energy Minister Prince Abdul Aziz bin Salman on the re-production of Saudi suspended Internet, after Saturday's attacks.

Report: Saudi Arabia seeks to import oil and fuel from abroad to meet demands

Parallel to the struggle to regain lost energy online, the Saudi Arabian Oil Company has switched to Iraq by requesting 20 million barrels of crude oil, The Wall Street Journal reported on Thursday, citing unidentified informed sources. The Sunni monopoly is obviously looking for suppliers of at least 300,000 barrels of distillate per day, which it also exports, after a mysterious attack on its main facilities last week disrupted deliveries to foreign customers.

The company, also known as Saudi Aramco, which is said to be planning to list on the bourse earlier this year, canceled another request to be picked up by a Norwegian tanker, the news organization learned from Samah Ahmed, a Kpler analyst. The fossil fuel giant has loaded heavy crude to customers instead of light Arabian oil on five occasions. At the same time, according to unnamed market sources, the UAE and Qatar are trying to intervene to cover the shortage in the sector.

The Saudi government has pledged to restore production by the end of the month to the previous level and compensate losses in production during October.

The report came after US Secretary of State Mike Bombo called the attack on Saudi oil facilities "an act of war" against the kingdom by Iran. Iran has denied involvement in high-flying drone strikes on Saudi Arabia's key oil facilities, but warned the United States it would respond immediately if targeted.

On the other hand, US President Donald Trump said he ordered Treasury Secretary Stephen Mnuchin to lift sanctions against Iran. Amid mounting regional tensions, the Kuwaiti army said on Wednesday it was raising its readiness and carrying out military exercises. "In light of the escalating situation in the country, the Army General Staff announces the lifting of combat readiness of some of its units," it said in a statement.

Oil Trading
  • Brent crude jumped 2.35 percent to $ 65.09 a barrel after a turbulent week
  • US West Texas Intermediate (WTI) futures rose 1.75 percent to $ 59.05 a barrel.


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