The International Energy Agency issued a statement on September 14th, saying that it is closely watching the attack on Saudi Arabia’s oil facilities and stressed that the current global oil market is abundant.

The International Energy Agency (IEA) issued a statement saying that the IEA will liaise with Saudi Arabia and major suppliers and consumers in the world. The statement does not mention the need to use emergency oil reserves.

The attack took place on September 14 when two oil facilities in the world’s largest oil company, Saudi Aramco, were attacked by drones. After Yemen’s armed forces, they acknowledged responsibility and said that the organization used 10 drones to attack.

The Wall Street Journal quoted a report that Saudi Arabia will cut its oil production by half and reduce nearly 5 million barrels of crude oil a day, equivalent to 5% of global oil exports.

Saudi Arabian Energy Minister Abdulaziz bin Salman said the attack would also reduce Saudi Arabia’s daily production of half of its natural gas and ethane. Saudi Aramco President Amin Nasser said it will resume production as soon as possible and will provide a progress report on the repair within 48 hours.

Sign Up for Our Newsletters

Get notified of important news and special executive deals.

You May Also Like

9 Ways to Prevent Work From Home Burnout

The COVID-19 pandemic has created monumental shifts in how the world moves…

Former President of Zimbabwe Mugabe died at the age of 95

Former President of Zimbabwe, Robert Mugabe, died at a hospital in Singapore…

Kazakhstan and UAE Forge Deeper Trade Ties: Exploring Opportunities and Free Trade Initiatives

According to the Ministry of Trade and Integration of the Republic of…

Zelenskyy Appeals to the West for Air Defense Systems After Russian Attacks Claim 10 Lives

On Saturday, March 3, Ukrainian President Volodymyr Zelenskyy made an urgent appeal…

WORLD LEADERSHIP CONFERENCE: Batch 6

 INTRODUCTION  WWLC (World Women Leading Change) was founded in 2018 by Prof.…

Revolutionizing Medicine: CRISPR Gene Editing Paves the Way for a Disease-Free Future

Revolutionizing Medicine: CRISPR Gene Editing Paves the Way for a Disease-Free Future…