•   
  •   

US NewsPetrol prices: British motorists face higher costs after drone attacks cripple Saudi production

10:25  17 september  2019
10:25  17 september  2019 Source:   inews.co.uk

Turkish newspaper: Khashoggi recorded asking killers not to suffocate him

Turkish newspaper: Khashoggi recorded asking killers not to suffocate him A Turkish newspaper says it has obtained audio recordings of the events leading up to the killing of Washington Post columnist Jamal Khashoggi, reporting that he asked his killers not to suffocate him in his final words. 

Drone attacks on two Saudi plants lead sharp rises in oil prices as Kingdom lost 50 per cent of production . (Source: Al-Arabiya via AP). Motorists are set to be punished at the pumps in the coming weeks as the fallout from the drone attacks on two oil plants in Saudi Arabia look likely to

Saudi Arabia suffered a drone strike at its Abqaiq crude oil processing facility over the weekend What Happened. The Abqaiq facility handles half of all Saudi Arabia's oil production and helps Around 5 million barrels per day will be impacted from the drone attack which represents around 5

Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production © Provided by Johnston Publishing Ltd

Motorists are set to be punished at the pumps in the coming weeks as the fallout from the drone attacks on two oil plants in Saudi Arabia look likely to lead to a rise in fuel prices.

The two drone strikes took 5 per cent of the global crude supply off the market, and led to oil prices experiencing their sharpest single-day rise in history.

Ten drones attacked an oil processing facility at Abqaiq and the nearby Khurais oil field on Saturday, causing a loss of 5.7 million barrels of crude production a day or 50 per cent of the kingdom’s oil output.

While there is no official assessment of how long the attacks will disrupt production for, sources have told news agency Reuters that it could take months for the plants to return to normal levels of production.

Heathrow drone protesters 'blocked by signal jamming' as two arrested

Heathrow drone protesters 'blocked by signal jamming' as two arrested Climate change protesters trying to fly drones to disrupt Heathrow Airport claim they have been blocked by "signal jamming" as two people were arrested on Friday. Heathrow Pause - a splinter of the Extinction Rebellion movement - has said it intends to fly the machines in the airport's 3.1-mile (5km) exclusion zone, potentially disrupting hundreds of flights. The Metropolitan Police confirmed two men were arrested in the early hours of Friday morning on suspicion of conspiracy to commit a public nuisance within the perimeter of Heathrow.

British motorists warned to expect increase in petrol prices after Saudi Arabia and Iran say recent Price of fuel at pumps fell to a three-year low, figures revealed last week

Tensions are running high in the region after attacks in June and July on oil tankers in Gulf waters that Riyadh and Washington blamed on Iran. Tehran denies the accusations. Iran-aligned Houthi fighters have also launched attacks over the border, hitting Shaybah oilfield with drones last month and two

Related: Trump: Iran likely hit oil fields

Some experts have predicted the attacks could lead to the oil price hitting $100 (£80) per barrel if the company cannot return to full production quickly.

“This is a big deal,” said Andrew Lipow, president of Lipow Oil Associates, adding this could translate to pump prices rising 5p per litre in the coming weeks.

Petrol station owners buy fuel weeks in advance, so any price rises are unlikely to have an immediate impact, but if the damage does take months to repair motorists are expected to see sharp price rises in the coming weeks.

Trump blames Iran

Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production © Provided by Johnston Publishing Ltd

Immediately after the attacks, the Brent crude price per barrel rocketed 20 per cent, but later fell after US President Trump said the US would release some of its reserves to ease supply.

Drone Strikes Spark Fires at Saudi Oil Facilities

Drone Strikes Spark Fires at Saudi Oil Facilities Drone strikes caused fires at two facilities of Saudi Arabia’s state oil company, marking the latest in a series of attacks on the country’s petroleum assets in recent months.

Petrol giants are slammed for using global oil market crisis as an excuse for hiking up prices and Price increases come after Saudi Arabia oil plant was attacked by drones A latest report shows wholesale unleaded prices climbed 4.6 cents last week ' Prices are resetting to a higher point given significant input cost increases following recent

Drone Strikes Spark Fires at Saudi Oil Facilities. Drone strikes caused fires at two facilities of Saudi Arabia’s state oil company, marking the latest in a series of attacks on the country’s petroleum assets in recent months.

Mr Trump has blamed Iran for the attacks, and Yeman’s Iran-backed Houthi rebels, who have been engaged in a long running conflict with the Saudi-backed Yemeni government, have claimed responsibility.

“If Abqaiq kills talks of easing sanctions [in Yeman] and the discussion turns to retaliation and escalation, I think oil could easily trade higher by $10 or more,” said Bob McNally, president at Rapidan Energy Group.”

Related: US-Iran tensions soar (Photos)

Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production
Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production

Foreign Secretary Dominic Raab has called the attacks “despicable”,  but was cautious about whether the UK could take part in any military response.

He told Sky News: “The attack on the Aramco installations was a wanton violation of international law. It’s despicable. We stand firmly in support of our Saudi partners and the other international players and countries in the region.

Raab says it was “not entirely clear who is responsible”, but he hopes to get a “very clear picture” shortly.

Global economic downturn

There have also been warnings that the attacks could spark a global economic downturn.

Petrol prices: British motorists face higher costs after drone attacks cripple Saudi production © Provided by Johnston Publishing Ltd

Ranko Berich, head of market analysis at Monex Europe, said: “The weekend’s attacks in Saudi Arabia will have two consequences for financial markets and the global economy: the immediate oil price shock, which has already hit, and the longer-term costs of increased tensions or even a possible outbreak of conflict in the Persian Gulf.

“The size of the initial shock to oil prices was immense. Spot prices have surged by amounts unprecedented since the 1990 Iraq invasion of Kuwait, while Brent crude oil futures recorded their largest intraday surge since trading began in 1988, although since then the initial knee jerk surge has been pared back.”

Craig Erlam, senior market analyst at trading firm OANDA, added: “The attack was as severe as it was unexpected but that’s not the worst thing about it. Saudi Arabia believes a significant proportion of the outages can be back online in a few days while Trump also approved release of supplies from the Strategic Petroleum Reserve to ensure the market remains well surprised.

“None of this should make us feel relaxed about the potential for further attacks though and the longer-term implications on the oil market. Spikes in oil prices when the global economy is already flirting with the idea of recession is not ideal and, if repeated and sustained, could ultimately be what tips us over the edge.”

MSN UK is committed to Empowering the Planet and taking urgent action to protect our environment. We’re supporting Friends of the Earth to help solve the climate crisis - please give generously here or find out more about our campaign here.

Billions spent on U.S. weapons didn’t protect Saudi Arabia’s most critical oil sites from a crippling attack.
Russian leader Vladimir Putin has mocked the kingdom, suggesting it should have bought Russia's S-400 missile-defense system instead.

—   Share news in the SOC. Networks

Topical videos:

usr: 3
This is interesting!