After an alleged drone attack struck a giant refinery and one of its major oil fields, Saudi Arabia’s Interior Ministry announced on Saturday that the government would shut-in half of its national oil production.
TOPSHOT - Smoke billows from an Aramco oil facility in Abqaiq about 60km southwest of Dhahran in Saudi Arabia's eastern province on September 14, 2019. - Drone attacks sparked fires at two Saudi Aramco oil facilities early today, thestruck a giant refinery and one of its major oil fields, Saudi Arabia’s Interior Ministry announced on Saturday that the government would shut-in half of its national oil production.
Regardless of who is ultimately responsible for these most recent in a string of attacks on Saudi energy infrastructure, the question now arises how - and even if - global crude markets will react. Beginning in April, Iran and its surrogates have taken credit for repeated acts of aggression in the Persian Gulf region, attacking and even seizing oil tankers, and launching several previous strikes on Saudi infrastructure.
But that has all changed now, in part no doubt because speculators have become numb to ongoing conflicts in the Middle Eastern region over the past two decades. But another factor is likely the new reality that the U.S. is no longer nearly as dependent on crude imports from Saudi Arabia, Iraq and other countries in the region as it was just a decade ago, thanks to the shale revolution.
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