Oil price rises after drone strikes | TIME ONLINE


After the drone attacks on two oil rigs in Saudi Arabia the oil price has risen sharply on Monday. At the London trading venue, the morning price rose by almost nine percent – and gasoline prices could rise as well. In the US, President Donald Trump released oil from reserves to stabilize the price.

In Germany the price went for heating oil regionally different by three to five cents per liter upwards, as the measuring device manufacturer Tecson announced. The nationwide average price for 100 liters of heating oil increased with a decrease of 3,000 liters accordingly by about four euros from 66.60 to 70.50 euros. This corresponds to an increase of around six percent.

On Saturday, two oil rigs belonging to the Saudi Arabian state-owned company Aramco had been attacked in Abkaik and Churais in the east of the country. The Yemeni Houthi rebels claimed responsibility for the attacks. The US blamed Iran. The attacks halved oil production in Saudi Arabia.

The energy service Energy Intelligence cited industry circles that Aramco was "close to replacing up to 40 percent of production that had collapsed on Saturday. But it will take weeks to repair the destroyed equipment, reported that Wall Street Journal,

Saudi Arabia is producing 9.9 million barrels a day – nearly 10 percent of the world's production. Seven million barrels are exported. The reserve capacity is two million barrels. The International Energy Agency (IEA) in Vienna stated that the markets are currently "well supplied", that there are many reserves.

At the gas stations, the effects of stock market fluctuations are not yet felt. Although increased by noon, the nationwide average prices for diesel and premium gasoline E10 by one to two cents compared to the previous day. According to estimates of the oil industry, the impact on motorists should remain manageable. From Saudi Arabia, only a little oil comes to Germany, according to the industry association MWV.

Economy (t) Saudi Arabia (t) Donald Trump (t) Saudi Arabia (t) Fuel Oil (t) Oil Price (t) USA (t) London


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