At one point prices were as much as 20% higher—the biggest intraday jump since Iraq invaded Kuwait almost 30 years ago
OIL PRICES leapt when markets opened on September 16th, following a drone attack on the Abqaiq oil-processing plant and the Khurais oilfield in Saudi Arabia on September 14th. . At 7pm London time Brent, the leading international benchmark, was 14.7% up, at $69.09 per barrel.
Prices have been remarkably choppy this year: driven up as American sanctions on Iranian and Venezuelan oil have threatened to restrict supply; and down by signs that the world economy is slowing down, dampening demand. Saudi Arabia, by far the biggest producer in the Organisation of Petroleum Exporting Countries , has tried to stabilise prices, with limited success. In December 2018 OPEC and others, notably Russia, said they would cut production by 1.2m barrels a day.
The attacks call into question plans by Saudi Aramco, Saudi Arabia’s state-owned oil company, to launch what is expected to be the biggest stockmarket listing in history. Last month, during Aramco’s first-ever earnings call with investors, Khalid Al-Dabbagh, the chief financial officer, declared the company’s goal to be “to maintain our position as a world-leading crude-oil producer and lowest-cost producer while providing reliable crude oil supply.” That reliability was already in question.
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