Sunday, 17 November, 2019

U.A.E. Says Attack on Saudi Arabia Is ‘Dangerous Escalation’

Attack on Saudi facility exposes world economy’s ‘Achilles heel’ The U.S. Shouldn't Rush to War With Iran Over Saudi Oilfield Attack
Patty Aguilar | 19 September, 2019, 13:00

The attacks on Saudi Aramco's crude-processing facilities at Abqaiq and Khurais cut production by 5.7 million barrels a day, the largest single supply disruption in half a century, and threw into question its status as supplier of last resort.

At the end of Monday trading day, Oil prices ended almost 15% higher - the biggest pump in almost 30 years, the BBC stated. Brent, the global benchmark, was down 6% to $64.89 a barrel.

US stocks were down but only modestly. It expects to ramp production up to 11 million bpd by the end of the month.

Saudi Aramco has informed at least six refiners in Asia that it will supply full allocated volumes of crude oil in October following attacks on Saudi oil facilities on the weekend, although at least one has been told of a grade switch partially. Iran denied a role in specific attacks, including bombing tankers in the Gulf and previous strikes claimed by the Houthis.

Besides, steep foreign exchange rate fluctuations would increase the fuel costs since payments are made in dollars, the official said. "China, which is heavily reliant on imported oil, will be the biggest victim of the attacks on the oil facility in Saudi Arabia, a key oil exporter in the world".

After Trump's weekend statement that the US was "locked and loaded" to respond, Russian Federation and China both called on September 16 for restraint, amid worries the situation could escalate and put a large portion of the world's energy supplies at risk.

He also said that Pompeo and others "will be going over to Saudi Arabia at some point" to discuss the incident.

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Pompeo says USA backs Saudi Arabia's 'right to defend itself'
Twenty-five pilotless aircraft and cruise missiles were used to attack the two sites, Maliki told reporters gathered in Riyadh . As the host of the UN's headquarters, the U.S. is mandated to offer world leaders and diplomats visas to attend meetings there.

Auto plows into lobby of Trump Plaza condominium complex
Cappelli, a real estate mogul who heads up the Cappelli Enterprises firm and has developed millions of square feet of property. Three people were injured Tuesday night when a auto crashed into the front lobby of Trump Plaza in NY .

The U.S. and global benchmarks for crude each vaulted more than 14%, comparable to the 14.5% spike in oil on August 6, 1990, following Iraq's invasion of Kuwait.

Saudi Arabia is a close Pakistani ally and a leading supplier of oil to Islamabad. "The attack is a risky escalation in itself". "I don't want war with anybody", Trump told reporters at the White House on Monday when asked if he wants war with Iran.

Iran's Supreme Leader Ayatollah Ali Khamenei says "there will be no talks with the U.S.at any level" - remarks apparently meant to end all speculation about a U.S. -Iran meeting at the United Nations later this month.

"Amidst this development, we would like to assure the public that we have enough supplies for the domestic consumption based on our current inventories", it said.

"With all that being said, we'd certainly like to avoid" war, he said.

A U.S. official told CNN on Monday that the United States has assessed that the attack originated from inside Iran, the official spoke on condition of anonymity because they were not authorized to speak to the press. "President Trump says he has authorized the release of crude from the Strategic Petroleum Reserve".

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