IrelandRyanair is 'insulated' after Saudi oil attacks

06:55  16 september  2019
06:55  16 september  2019 Source:   independent.ie

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Saudi Arabia shuts down about half its oil output after strikes. Secretary of State Mike Pompeo blamed Iran for coordinated strikes on the heart of Saudi Arabia’s oil industry, saying they marked an unprecedented attack on the world’s energy supply.

State oil giant Saudi Aramco said the attack cut output by 5.7 million barrels per day, at a time when Aramco is trying to ready itself for what is expected to be the The drone attacks on plants in the heartland of Saudi Arabia's oil industry included hitting the world's biggest petroleum-processing facility.

Ryanair is 'insulated' after Saudi oil attacks Ryanair’s Michael O’Leary. Photo: PA

Ryanair is among the European airlines most insulated from a potential short-term spike in oil prices following Saturday's refinery attacks in Saudi Arabia.

Ryanair has 90pc of its 2020 financial year (which ends next March) fuel requirements hedged at an average price of $709 (€635) per metric tonne. For the 2021 financial year, it has 37pc of its jet fuel requirements hedged at an average price of $632 per tonne.

Ryanair is 'insulated' after Saudi oil attacks © Thomson Reuters Passengers queue at a Ryanair window in the departure hall during a strike by Ryanair workers of several European countries, at the airport in Valencia, Spain, September 28, 2018. REUTERS/Heino Kalis

The airline is among the European carriers with most fuel hedged, where they buy their future fuel requirements at a set price.

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HOUSTON — The drone attack on one of Saudi Arabia’s most important oil facilities could cripple a portion of Saudi petroleum exports for days or even weeks and send energy prices higher. But experts say that a severe shock to energy markets and the world economy is unlikely.

The yen climbed after a strike on the heart of Saudi Arabia’s oil production increased geopolitical risk concern. Oil was set to rise. News of the devastating attack on the world’s largest crude exporter sent currencies of commodity-linked nations higher, including the Norwegian krone and the Canadian

For its financial year ending this month, Easyjet had 72pc of its fuel hedged at an average of $584 per metric tonne, as of last May. As of the end of June, Wizz Air had 66pc of its fuel requirements for the nine months to the end of December hedged.

Ryanair is 'insulated' after Saudi oil attacks © Michal Fludra/NurPhoto Ryanair Boeing 737-8AS 9SP-RSC) plane taking off Gdansk airport (GDN) is seen in Gdansk, Poland on 16 August 2019 (Photo by Michal Fludra/NurPhoto via Getty Images) The jet fuel price per tonne in Europe was $617 last week, according to the International Air Transport Association.

The oil market will rally by $5-10 per barrel when it opens this morning and may spike to as high as $100 per barrel if Saudi Arabia fails to quickly resume oil supply lost after attacks over the weekend, traders and analysts said. Brent oil was trading at $60.22 a barrel before the attacks.

Attacks on two plants in the kingdom on Saturday knocked out more than half of Saudi crude output, or 5pc of global supply. "The scale of (the) attack will encourage markets to re-examine the need for considering an oil geopolitical risk premium," said Ayham Kamel, the head of Middle East research at political risk analysis firm Eurasia Group. (Additional reporting: Reuters)

Trump says he has ordered a substantial increase in sanctions against Iran.
The announcement in a tweet came after Iranian news agencies reported that Iran warned the United States that it would broadly retaliate against any attacks.

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