shot-button
Ganesh Chaturthi Ganesh Chaturthi
Home > News > World News > Article > Half of lost oil to be offline for a month

'Half of lost oil to be offline for a month'

Updated on: 18 September,2019 07:36 AM IST  | 
Agencies |

Says S&P Platts in its report, adding that any delays will lead to further price increases in the weeks/months ahead

'Half of lost oil to be offline for a month'

Saudi investors monitor stocks in Riyadh. Representation pic/AFP

Dubai: Around three million barrels per day of Saudi oil will remain offline for a month, about half the production halted by the weekend's devastating attacks on key crude facilities, S&P Global Platts said in a report on Tuesday. The report came as oil prices dipped slightly following record gains on Monday as uncertainty prevailed on global markets over when the OPEC kingpin will be able to restore lost production.


Strikes on Abqaiq and the Khurais oilfield have knocked out 5.7 million barrels per day (bpd), or six percent of global production. "At this point, it looks likely that around 3.0 million bpd of Saudi Arabian crude supply will be offline for at least a month," S&P said.


Riyadh pumps some 9.9 million bpd of which around 7.0 million bpd are exported, mostly to Asian markets. "Saudi Arabia will likely say they can fully supply their customers, although as time goes on this may be challenging. Any indication of delays or supply tightness will lead to further price increases in the weeks/months ahead," S&P said.


Meanwhile, a US official has told AFP that they are certain Iran was behind the attack. The official said the US was gathering evidence on the attack to present to the international community.

3mn
Barrels per day to remain offline for 1 month

BJP govt concerned

In the biggest hike since July 5 Budget, petrol price increased by 14 paisa per litre to R72.17 and diesel by 15 paisa to R65.58 per litre in Delhi. Oil Minister Dharmendra Pradhan, who on Monday said India won't be hit by the Saudi attacks, said on Tuesday it was "a matter of concern for us".

Catch up on all the latest Crime, National, International and Hatke news here. Also download the new mid-day Android and iOS apps to get latest updates

"Exciting news! Mid-day is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!" Click here!


Mid-Day Web Stories

Mid-Day Web Stories

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK