Oil price spike likely short-lived after Saudi drone attack

Oil & Gas Journal: The drone attack on the world’s largest oil processing facility, Abqaiq in the heart of Saudi Arabia’s oil industry, forced Saudi Aramco to shut in 5.7 million b/d of crude production, which equates to roughly 7% of the current global crude and condensate production.

However, the bullish reaction in oil prices after the biggest attack on oil infrastructure since the Gulf War will likely be short-lived, according to Bjornar Tonhaugen, head of oil market research at Rystad Energy.

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