Full report here
- Brent oil opened up about $8 in early trading in Asia, one of the sharpest every daily spikes.
- It now looks like only about a third of the lost 5.7m b/d will come back online by end-Monday. The rest will take weeks.
- We estimate that there is about another 1.65m b/d in spare capacity at other Saudi field, plus another 0.5m b/d in the mothballed Saudi/Kuwaiti Divided Zone. Ramp up lagtimes will vary considerably.
- There is every reason to expect more attacks on Saudi’s vast and poorly protected network of oil infrastructure.
- Questions remain about how the attack was implemented and by whom. Trump has threatened a response. We think it is very unlikely that the attacks came directly from Iran, so any counterstrikes would likely target militias in Yemen and Iraq.
View the full Report at: https://www.globalsourcepartners.com/posts/saudi-update-on-abqaiq-khurais-attacks/teaser
