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The Water Cooler
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Half of Saudi oil output offline after drone strikes
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<blockquote data-quote="SlugSlinger" data-source="post: 3271115" data-attributes="member: 7248"><p>This is one way to increase oil prices!</p><p></p><p><a href="https://seekingalpha.com/news/3499349" target="_blank">https://seekingalpha.com/news/3499349</a></p><p></p><p><span style="font-size: 22px"><strong>Half of Saudi oil output offline after drone strikes</strong></span></p><p>Sept. 14, 2019 2:51 PM ET<a href="https://seekingalpha.com/symbol/ARMCO" target="_blank">Saudi Aramco(ARMCO)</a>By: Yoel Minkoff, SA News Editor<a href="https://seekingalpha.com/news/3499349#comments" target="_blank">38 Comments</a></p><ul> <li data-xf-list-type="ul">Drone strikes on the heart of the Saudi oil industry forced the kingdom to shut down half its crude production on Saturday, amounting to a loss of about 5M barrels a day, or roughly 5% of the world's daily production of crude oil, <a href="http://www.wsj.com/articles/drone-strikes-spark-fires-at-saudi-oil-facilities-11568443375" target="_blank">WSJ reports</a>.</li> <li data-xf-list-type="ul">Yemen's Iranian-aligned Houthi rebels claimed credit for the attack, saying they sent 10 drones to strike at important Aramco (<a href="https://seekingalpha.com/symbol/ARMCO" target="_blank">ARMCO</a>) facilities, including the world's largest oil processing plant and a major oil field.</li> <li data-xf-list-type="ul">Crude prices will be on watch when trading reopens on Sunday evening.</li> <li data-xf-list-type="ul">Go deeper: While an oil price increase could benefit Aramco's upcoming IPO, if the Saudis can't turn production back on quickly, it could rattle investor confidence in the kingdom's national oil company.</li> </ul></blockquote><p></p>
[QUOTE="SlugSlinger, post: 3271115, member: 7248"] This is one way to increase oil prices! [URL]https://seekingalpha.com/news/3499349[/URL] [SIZE=6][B]Half of Saudi oil output offline after drone strikes[/B][/SIZE] Sept. 14, 2019 2:51 PM ET[URL='https://seekingalpha.com/symbol/ARMCO']Saudi Aramco(ARMCO)[/URL]By: Yoel Minkoff, SA News Editor[URL='https://seekingalpha.com/news/3499349#comments']38 Comments[/URL] [LIST] [*]Drone strikes on the heart of the Saudi oil industry forced the kingdom to shut down half its crude production on Saturday, amounting to a loss of about 5M barrels a day, or roughly 5% of the world's daily production of crude oil, [URL='http://www.wsj.com/articles/drone-strikes-spark-fires-at-saudi-oil-facilities-11568443375']WSJ reports[/URL]. [*]Yemen's Iranian-aligned Houthi rebels claimed credit for the attack, saying they sent 10 drones to strike at important Aramco ([URL='https://seekingalpha.com/symbol/ARMCO']ARMCO[/URL]) facilities, including the world's largest oil processing plant and a major oil field. [*]Crude prices will be on watch when trading reopens on Sunday evening. [*]Go deeper: While an oil price increase could benefit Aramco's upcoming IPO, if the Saudis can't turn production back on quickly, it could rattle investor confidence in the kingdom's national oil company. [/LIST] [/QUOTE]
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