Maintenance Work / Reactive Maintenance

Report: Attacks on Saudi oil supply effectively wipe out the world’s spare capacity

By Huileng Tan, for CNBC

Sep 16, 2019

The attacks on critical oil production facilities in Saudi Arabia over the weekend will effectively wipe out the world’s spare oil capacity, an expert from S&P Global Platts said on Monday.

An oil processing facility at Abqaiq and the nearby Khurais oil field were attacked on Saturday, knocking out 5.7 million barrels of daily crude production — or 50% of the kingdom’s oil output. That’s more than 5% of global daily oil production.

The country’s national oil company, Saudi Aramco, has 35 to 40 days of supply to meet contractual obligations, according to a source close to the matter.

Read the full story, "Attacks on Saudi oil supply effectively wipe out the world’s spare capacity, S&P Platts says," at www.cnbc.com.

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