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    September 17, 2019

    CRU Economist: Saudi Oilfield Attack Likely Just a Short-term Disruption

    Written by Tim Triplett

    Oil prices spiked by nearly 20 percent Monday on the news that a drone attack on Saudi Arabia’s oil facilities had knocked out more than 5 percent of the global oil supply. Prices corrected back down by about 6 percent today following reports that Saudi production would recover more quickly than originally anticipated.

    The Wall Street Journal quoted Saudi Arabian officials this afternoon claiming that the kingdom had already restored 50 percent of its lost production and that they expected oil output to fully recover within weeks, seeking to calm global markets.

    Tim Triplett

    Read more from Tim Triplett

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