GRAPHIC-Saudi attack leads to biggest oil supply loss

Published 16/09/2019, 15:54
© Reuters.  GRAPHIC-Saudi attack leads to biggest oil supply loss

By Alex Lawler

LONDON, Sept 16 (Reuters) - An attack on Saudi Arabian oil

facilities has caused the biggest supply disruption in absolute

terms in the last five decades, according to International

Energy Agency figures.

Saturday's attack will cut the kingdom's output by 5.7

million barrels per day (bpd), according to a statement from

state-run oil company Saudi Aramco. It is not yet

known how long it will take to restart the production.

Before this, the biggest known disruption, of 5.6 million

bpd, was prompted by the 1979 Iranian revolution. The chart

shows the current loss against selected earlier disruptions,

according to International Energy Agency figures.

In percentage terms, the Iranian loss was larger as 5.6

million bpd amounted to about 9 percent of world demand at that

time, while the Saudi disruption amounts to over 5% of current

oil consumption.

Major oil supply disruptions https://tmsnrt.rs/301VsQM

Biggest oil price surge since 1991 as "locked and loaded" US

points finger at Iran for attack ID:nL5N2672I3

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