Aramco – www.israelhayom.com https://www.israelhayom.com israelhayom english website Thu, 04 Aug 2022 16:33:30 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.2 https://www.israelhayom.com/wp-content/uploads/2021/11/cropped-G_rTskDu_400x400-32x32.jpg Aramco – www.israelhayom.com https://www.israelhayom.com 32 32 Energy prices spike after Saudi oil attack, US blaming Iran https://www.israelhayom.com/2019/09/16/energy-prices-spike-after-saudi-oil-attack-us-blaming-iran/ https://www.israelhayom.com/2019/09/16/energy-prices-spike-after-saudi-oil-attack-us-blaming-iran/#respond Mon, 16 Sep 2019 06:29:41 +0000 https://www.israelhayom.com/?p=416997 Global energy prices spiked on Monday after a weekend attack on key oil facilities in Saudi Arabia caused the worst disruption to world supplies on record, an assault for which President Donald Trump warned that the US was "locked and loaded" to respond. Benchmark Brent crude gained nearly 20% in the first moments of trading […]

The post Energy prices spike after Saudi oil attack, US blaming Iran appeared first on www.israelhayom.com.

]]>
Global energy prices spiked on Monday after a weekend attack on key oil facilities in Saudi Arabia caused the worst disruption to world supplies on record, an assault for which President Donald Trump warned that the US was "locked and loaded" to respond.

Benchmark Brent crude gained nearly 20% in the first moments of trading Monday before settling down to 10% higher as trading continued. A barrel of Brent traded up $6 to $66.28.

Follow Israel Hayom on Facebook and Twitter

US benchmark West Texas crude was up around 9%. US gasoline and heating oil similarly were up over 8% and 7% respectively before markets opened in New York.

Saturday's attack halted production of 5.7 million barrels of crude a day, more than half of Saudi Arabia's global daily exports and more than 5% of the world's daily crude oil production. Most of that output goes to Asia.

At 5.7 million barrels of crude oil a day, the Saudi disruption would be the greatest on record for world markets, according to figures from the Paris-based International Energy Agency. It just edges out the 5.6 million-barrels-a-day disruption around the time of Iran's 1979 Islamic Revolution, according to the IEA.

Saudi Arabia has pledged that its stockpiles would keep global markets supplied as it rushes to repair damage at the Abqaiq facility and its Khurais oil field.

Stabilization means processing so-called sour crude oil into sweet crude. That allows it to be transported onto transshipment points on the Persian Gulf and the Red Sea, or to refineries for local production.

The attack "damaged five to seven spheroids and five out of 10 stabilization towers," said Fernando Ferreira, the director of geopolitical risk at the Washington-based Rapidan Energy Group.

"[Five] or so stabilization towers appear to be destroyed and will have to be rebuilt – this will take many months," Ferreira said. "The sophisticated attack now seems likely to reduce Abqaiq's 7 (million barrels of crude oil a day) capacity for an indefinite period" measured in months.

Saudi Aramco did not respond to questions from The Associated Press regarding damage at Abqaiq and the satellite images.

The post Energy prices spike after Saudi oil attack, US blaming Iran appeared first on www.israelhayom.com.

]]>
https://www.israelhayom.com/2019/09/16/energy-prices-spike-after-saudi-oil-attack-us-blaming-iran/feed/
Saudi Arabia retaliates hours after Houthis attack oil facilities https://www.israelhayom.com/2019/05/14/saudi-arabia-pro-iranian-rebels-attacked-our-oil-infrastructure-with-drones/ https://www.israelhayom.com/2019/05/14/saudi-arabia-pro-iranian-rebels-attacked-our-oil-infrastructure-with-drones/#respond Tue, 14 May 2019 11:25:24 +0000 https://www.israelhayom.com/?p=367319 Saudi Arabia carried out 17 airstrikes against Iranian-backed Houthi rebels in Yemen on Tuesday after the Shi'ite fighters claimed responsibility for the sabotage of Saudi oil installations, Arab media reported. Saudi Araba said the Houthis had used drones to attack one of its oil pipelines as other assaults targeted energy infrastructure elsewhere in the kingdom. […]

The post Saudi Arabia retaliates hours after Houthis attack oil facilities appeared first on www.israelhayom.com.

]]>
Saudi Arabia carried out 17 airstrikes against Iranian-backed Houthi rebels in Yemen on Tuesday after the Shi'ite fighters claimed responsibility for the sabotage of Saudi oil installations, Arab media reported.

Saudi Araba said the Houthis had used drones to attack one of its oil pipelines as other assaults targeted energy infrastructure elsewhere in the kingdom. A fire broke out and firefighters later brought it under control, though the state-run Saudi Aramco stopped pumping oil through the pipeline.

This is the latest escalation in the ongoing tension between Saudi Arabia and Iran, which has intensified in recent days after two of the kingdom's oil tankers were sabotaged off the coast of the United Arab Emirates.

Egypt has condemned the Houthi drone attacks and backed Saudi Arabia. A statement by the Foreign Ministry says Egypt stands alongside Saudi Arabia "to counter all attempts meant to stabilize the kingdom" in the wake of Tuesday's attacks.

The statement said Egypt was coordinating with Saudi Arabia to face "terror and all threats to its national security."

This comes after four oil tankers anchored in the Middle East were damaged by what Gulf officials described as sabotage, though satellite images obtained by The Associated Press on Tuesday showed no major visible damage to the vessels.

Details of the alleged sabotage to two Saudi, one Norwegian and one Emirati oil tanker on Sunday remained unclear, and Gulf officials have declined to say who they suspected was responsible. But it demonstrated the raised risks for shippers in a region vital to global energy supplies as tensions are increasing between the U.S. and Iran over its unraveling nuclear deal with world powers.

The U.S. has warned sailors of the potential for attacks on commercial sea traffic, and regional allies of the United Arab Emirates condemned the alleged sabotage as the tankers were off the coast of the UAE port city of Fujairah.

A U.S. official in Washington, without offering any evidence, told AP that an American military team's initial assessment indicated Iran or Iranian allies used explosives to blow holes in the ships. The official, who was not authorized to discuss the investigation, agreed to reveal the findings only if not quoted by name. The U.S. Navy's 5th Fleet, which patrols the Mideast and operates from a base in Fujairah, has repeatedly declined to comment.

The U.S. already had warned ships that "Iran or its proxies" could be targeting maritime traffic in the region. America is deploying an aircraft carrier, USS Abraham Lincoln, and B-52 bombers to the Persian Gulf region to counter alleged, still-unspecified threats from Tehran.

Citing heightened tensions in the region, the United Nations called on "all concerned parties to exercise restraint for the sake of regional peace, including by ensuring maritime security" and freedom of navigation, U.N. deputy spokesman Farhan Haq said.

Tensions in the region have risen since Trump withdrew America from the 2015 nuclear deal between Iran and world powers, and restored U.S. sanctions that have pushed Iran's economy into crisis. Last week, Iran warned it would begin enriching uranium at higher levels in 60 days if world powers failed to negotiate new terms for the deal.

The oil tankers were visible in satellite images provided Tuesday to AP by Colorado-based Maxar Technologies. A boom surrounded the Emirati oil tanker A. Michel, indicating the possibility of an oil leak. The other three showed no visible major damage from above.

The post Saudi Arabia retaliates hours after Houthis attack oil facilities appeared first on www.israelhayom.com.

]]>
https://www.israelhayom.com/2019/05/14/saudi-arabia-pro-iranian-rebels-attacked-our-oil-infrastructure-with-drones/feed/