Politic > U.S.

Oil prices drop ahead of update on Saudi oil production

1 month ago   |   By

NEW YORK - Oil prices are falling a day after their biggest single-day jump in years due to a weekend attack on a key Saudi Arabia energy facility.
U.S. oil fell nearly 5% to $59.96 a barrel Tuesday while Brent, the international benchmark, is down 5.3% to $65.34. Both rose more than 14% Monday.
Saudi Arabia's energy minister is expected to give an update on the country's oil production at some point Tuesday.
The attack led to the biggest disruption of crude oil in modern history. In the U.S., auto club AAA warned of a potential 25-cent increase in the price of gasoline. The average price...
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Exclusive: Saudi oil output to return faster than first thought - sources

1 month ago   |   By

Saudi Arabia's oil output will be fully restored quicker than thought following weekend attacks on production facilities, two sources briefed on developments said on Tuesday, taking two or three weeks not months as initial indications suggested.
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Saudis yet to brief OPEC colleagues, IEA on oil outage: sources

1 month ago   |   By

Saudi Arabia has yet to brief fellow OPEC members and other energy sector players about how long it will take to restore the country's oil output, OPEC and industry sources said as Riyadh tries to assess damage from the weekend's crippling attacks.
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Mexico to keep fuel prices stable despite Saudi attacks: president

1 month ago   |   By

Mexico's government will uphold its pledge to keep fuel prices stable and has gasoline supplies secured despite attacks on Saudi oil sites, President Andres Manuel Lopez Obrador said on Tuesday.
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Iran rules out talks as Trump blames Tehran for Saudi oil attack

1 month ago   |   By

Iran's supreme leader on Tuesday ruled out talks with Washington after President Donald Trump blamed Tehran for a crippling attack on Saudi Arabia's oil facilities.
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U.S. Examining Missile and Drone Parts for Clues in Saudi Oil Attacks

1 month ago   |   By

American investigators are gathering evidence to bolster their claim that Iran was responsible for attacking oil facilities in Saudi Arabia.
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Oil drops sharply as Saudi output seen returning soon after attacks

1 month ago   |   By

Oil prices dropped sharply on Tuesday after a top Saudi Arabian source told Reuters production could be fully back on line within weeks, quicker than initially thought following weekend attacks that cut halved the kingdom's output.
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Iran May Be an Enemy, But Saudi Arabia Is No Friend

1 month ago   |   By

In 1987, an Iraqi warplane attacked an American Navy frigate, the Stark, on patrol in the Persian Gulf. Accepting Saddam Hussein's explanation that the attack, which killed 37 sailors, had been an accident, American officials promptly used the incident, which came at the height of the Iran-Iraq war, to ratchet up pressure on Tehran. The incident provided the impetus for what became a brief, and all but forgotten, maritime war between the United States and Iran.
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This Is the Moment That Decides the Future of the Middle East

This Is the Moment That Decides the Future of the Middle East

1 month ago   |   By

If the United States is done fighting for Saudi Arabia's oil, it's done fighting for the entire region.
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What could attack on Saudi oil sites mean to you?

What could attack on Saudi oil sites mean to you?

1 month ago   |   By

Saudi Arabia is the world's biggest exporter of oil, which is why the recent attack is having such a big impact on prices around the globe.
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Saudi Arabia Has Few Options to Replace the Massive Drop in Oil Output From Its Attacked Plant

1 month ago   |   By

The oil market is facing a prolonged disruption to Saudi Arabia's oil production with few options for replacing such huge output losses.
The weekend attacks on the kingdom eliminated about 5% of global oil supply, propelling Brent crude to a record surge on Monday. Officials at state oil company Saudi Aramco have become less optimistic on the pace of output recovery, telling a senior foreign diplomat they face a “severe” disruption measured in weeks and months and informing some customers that October shipments will be delayed.
The historic price gain underscores the unprecedented nature...
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AP Analysis: Saudi oil attack part of dangerous new pattern

1 month ago   |   By

DUBAI, United Arab Emirates - The assault on the beating heart of Saudi Arabia's vast oil empire follows a new and dangerous pattern that's emerged across the Persian Gulf this summer of precise attacks that leave few obvious clues as to who launched them.
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The Finance 202: Attack on Saudi oil facilities should not hurt U.S. consumers - too much

1 month ago   |   By

But the disruption could pressure Fed officials not to cut interest rates.
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Likely Some Iranian Involvement In Saudi Oil Attack, Sen. Murphy Says

1 month ago   |   By

NPR's David Greene talks to Democratic Sen. Chris Murphy of Connecticut about how the U.S. should respond to escalating tensions between Saudi Arabia and Iran. NPR's Greg Myre weighs in on the topic.
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If US claims of how the Saudi oil attack went down are true, then its failure to prevent it is a huge embarrassment

If US claims of how the Saudi oil attack went down are true, then its failure to prevent it is a huge embarrassment

1 month ago   |   By

US officials claim that the attack on a crucial Saudi oil facility came from Iran.
If so, this represents a massive failure of the US to notice or intercept the attack.
The US, and Saudi Arabia, have spent billions preparing for a scenario just like this, and have ships, radar arrays and air defense ready to go.
But none of this seems to have worked. 17 strikes connected, and knocked out 5% of the world's oil production capacity at a stroke.
Visit Insider's home page for more stories.
It has yet to be definitively established how the massively disruptive attacks this weekend on a crucial...
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Did Saudi Arabia allow drone attacks on its oil facilities?

Did Saudi Arabia allow drone attacks on its oil facilities?

1 month ago   |   By

The billions of dollars Saudi Arabia spends on defense failed to prevent the strikes on its most critical refineries, sending oil prices soaring. This raises unsettling questions about who has the most to gain from the disruption.
The Saturday attacks caused the steepest crude spike in 30 years. Around 5.7 million barrels of daily crude output have been wiped out, which is more than half of the kingdom's daily exports and five percent of the world's oil supply.
Washington and Riyadh have blamed Iran for the attacks on the facilities. US officials say the attacks might have involved a...
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Saudi Arabia reportedly considers the drone attack on its oil industry, which killed no one, to be 'their 9/11'

Saudi Arabia reportedly considers the drone attack on its oil industry, which killed no one, to be 'their 9/11'

1 month ago   |   By

Saudi Arabia's ruling family considers Saturday's drone attack on an oil facility "their 9/11," a senior US official in the region reportedly said.
Donald Trump's Iran envoy Brian Hook made the comment to Capitol Hill staffers on Monday, CNN and The Daily Beast reported, citing sources on the call.
Saturday's drone attack hit 5% of the world's daily oil supply, and took more than five million barrels of oil offline per day.
There were no human casualties in the attack. Almost 3,000 people were killed in the terrorist attacks on September 11, 2001.
Saudi Aramco hoped to restore one third of...
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