Tag Archives: Saudi Arabia

Analysts predict that if disruption to production lasts for too long. oil prices will spike.

The attack on the kingdom’s most important oil production facility has crimped the availability of lighter grades such as Arab Extra Light and Arab Light.

Iraq calls on all parties to stop carrying out reciprocal attacks and causing huge human and facility losses.

A sharp rise in oil prices also comes at a delicate time for the global economy.

The emergency stockpile is stored in huge underground salt caverns along the U.S. Gulf Coast.

Saudi oil facilities as well as foreign tankers in and around the Persian Gulf have been the target of several attacks over the past year.

Saudi Aramco describes its Abqaiq oil processing facility there as ".the largest crude oil stabilization plant in the world.".

The 24-member OPEC and non-OPEC alliance decided last year to cut production by 1.2 million barrels per day (bpd) from January 2019.

Oil demand growth will be ``significantly higher`` helped by a comparatively low base in the second half of 2018.

Russia highly appreciated the existing dialogue between Moscow and Riyadh and was committed to continuing to develop bilateral cooperation.