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Aramco was hit with an airstrike by drones, causing the company to lose millions of gallons of oil. The Houthi rebels in Yemen have claimed responsibility for the air strike. Prices for oil may fluctuate, but Aramco will use its reserves to offset its affected customers. This could mean a change in gasoline prices in America, however, our national oil reserves will be used to offset prices as well.
It is shocking to observe countries/groups attacking one another’s source of subsistence/wealth. Wow.
Direct quote taken from the article: “Saudi Arabia, the biggest producer in the Organization of Petroleum Exporting Countries, has been leading the group in production cuts to mop up a surplus of crude in the market. So when half of Saudi Arabia’s production is knocked out, the question is how long the disruption lasts.
“The global economy can ill afford higher oil prices at a time of economic slowdown,” Ole Hansen, head of commodities strategy at Saxo Bank A/S in Copenhagen, said in an emailed response to questions. So while a surge in prices driven by lower supply “may temporarily remove the focus on slowing demand, it could, if prolonged, potentially reduce demand growth expectations even more.”
My heart goes out to the President and CEO of Aramco as he fixes this egregious and malicious attack.
Dear Heavenly Father,
I am praying for Saudi Arabia and for their enemies. Protect life in this situation, Father and restore what was lost. In Jesus’ name, amen.
