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.