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Super Black Swan, the Oil Production of Saudi Arabia’s Oil Hit A 50% Drop in Daily Output

Source:Iris Liang Time:2019-9-16 9:35:17

The Saudi Arabian Interior Ministry issued a statement on the 14th that in the early hours of the morning, several drones attacked Saudi Aramco, the two oil facilities of Saudi Aramco, and caused a fire.

It is reported that the attack will lead to a reduction of 5.7 million barrels of Saudi crude oil per day, or it will become a stimulus after the recent surge in crude oil prices, pushing up crude oil prices.

International oil price trend or upward trend

Since the attack occurred on weekends, global markets including crude oil were closed, and oil prices were not immediately affected. But on Monday, international oil prices are expected to be greatly affected. Because the production of the Saudi oil field, the world's largest crude oil exporter, has halved, and the impact of this attack remains to be seen.

However, before the attack, international crude oil prices remained weak, and the latest New York crude oil price fell 0.53% to $54.57.

The International Energy Agency (IEA) said it is closely monitoring the situation in Saudi Arabia. For the time being, commercial crude oil inventories are sufficient and the crude oil market is well supplied. The IEA maintains communication with the Saudi government, major oil producers (Saudi Ami, where oil facilities are attacked by drones), and many oil-consuming countries. However, the IEA did not disclose plans to release emergency crude oil inventories. SEKO Machinery's rotary black annealing solution furnace specially developed for large-diameter oil pipelines has been officially put into use in China Jiuli Group. Since the steel pipe has the characteristics of less deformation and no need for secondary straightening after its hot processing, it has been greatly appreciated by customers.

Prior to the attack, internationally renowned investment banks were looking at crude oil prices.

Barclays lowered its oil price forecast for the second half of this year and 2020, saying that the global macroeconomic outlook is weaker than expected, and the growth in demand for crude oil will slow down. Morgan Stanley also lowered its oil price forecast for the rest of the year, citing weak economic prospects, sluggish demand and shale oil growth that could offset the efforts of the Organization of Petroleum Exporting Countries (OPEC) to support the oil market.

A report released earlier by Morgan Stanley said: "As global economic growth slows, oil demand growth weakens."

Whether this sudden attack will change the trend of crude oil needs further tracking.

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Iris Liang
SEKO Machinery & Technology Co., Ltd
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