Trump Authorizes Release of Oil from US Strategic Reserve

Smoke is seen following a fire at Aramco facility in the eastern city of Abqaiq Saudi Arabia. Reuters  file

Smoke is seen following a fire at Aramco facility in the eastern city of Abqaiq Saudi Arabia. Reuters file

Yemen's Iran-aligned Shiite Huthi rebels claimed responsibility for the drone strikes, but Pompeo said "there is no evidence the attacks came from Yemen".

The Coalition to Restore Legitimacy in Yemen said it was investigating drone attacks on Saudi Aramco facilities on Saturday, and would confront "terrorist" threats to safeguard Saudi assets.

After visiting the incident locations, Amin H. Nasser, Saudi Aramco President & CEO, said: "We are gratified that there were no injuries".

He added that the amount of oil released would be "sufficient to keep the markets well-supplied".

The remarks were created to damage Iran's reputation and provide a pretext for "future actions" against the Islamic republic, he added.

Is the possibility of a war between Iran and the Saudis increasing?

Saturday's explosions set off fires that engulfed the Abqaiq plant, the world's largest oil processing facility, and nearby Khurais, which hosts a massive oil field.

A substantial cut in Saudi Arabia's oil output due to the drone attacks on its refineries could weigh on Indian equities in the near-term, potentially hurting emerging market stocks. "It comes only a week after Saudi Arabia's appointment of Prince Abdulaziz bin Salman as Energy Minister and shortly after news of a restart in initial public offering of Aramco".

The dramatic rally followed early indications post attack that Saudi Arabia's oil production is expected to be well below maximum capacity for weeks.

"The United States strongly condemns today's attack on critical energy infrastructure". The escalation coincided with the President Donald Trump's decision to pull the U.S. out of the 2015 nuclear agreement with Iran and re-imposed crippling economic sanctions against the Islamic Republic.

Latest News