After a recent attack at the Saudi Oil facility, it is feared that almost 5% of the world’s oil supply has been disturbed due to which the oil prices have gone up by a big margin for the first time since May 2019 in the international market.
A significant leap of 19% was seen in Benchmark Brent crude futures which rose to USD 71.95 per barrel while the front-month contract was at USD 66.20 per barrel with an increase of USD 5.98, or 9.9%, from their previous close. Also, after climbing nearly 15% the US West Texas Intermediate (WTI) futures is now at USD 63.34 a barrel while the front-month contract was previously at USD 59.73 a barrel, which is a leap of USD4.88, or 8.9%.
We all know Saudi Arabia is the biggest most powerful oil exporter in the world. And with this attack on its largest oil facility, it’s said that over 5.7 million barrels (Saudi Aramco) per day have been wiped off from the output. 5.7 million barrels is an awful a lot of oil, to begin with.
This attack took place at a time when Saudi Aramco was trying to gear itself for what is thought to be the worlds largest share sale. Sadly for us, Amarco hasn’t yet given any hint of when the hindered output will return to its full glory. And by the looks of it, this could be a whole month. Which once again isn’t a piece of very good news either.
Effects on Pakistan?
Just a couple of days back the oil prices were slashed by the government by around 4.5 rupees after the trends in the international market. Without a doubt, the consequences of this Saudi attack will find its way to the Pakistani nation as with all global issues. So the next petroleum prices will probably go upwards by few tens of rupees and the burden had to be faced by the consumers without a doubt. The government claims that every amendment in the petroleum prices is due to the dollar rate or has sometimes to do with barrel prices when they go higher in price. So after saying all this much, it should go without saying that tough times are coming and with the new oil prices the economy of our beloved country will take a hit inevitably.
Dear I don’t know which date you posted this article as Pakwheels blog, surprisingly, don’t mention the date.
Firstly I need to correct you that the oil facility that was attacked was not the largest facility in ksa rather it was the largest refinery which is located at Abqaiq city. Aramco largest facility is located some where else which I will not disclose to you as you are writing this review so you should have researched properly. Secondly, you give half information of the incident that oil prices will rise or have risen due to this attack. Son I need to sunshine you arse that immediately after the incident the US poured it’s oil reserves in the international market due to which the sudden and short term price hike was brought down to its original rate. This important information related to this sad incident either you deliberately failed to give to create a bombastic article or most probably you don’t know about it.
Thirdly, you have tried to impress the readers by mentioning some specific trends and terms of the international oil stock market by copy pasting from some website without giving any reference. This is considered as a literary theft or plagiarism. The owner of this website as well as you can be treated with legal consequences if the original writer of the literature from where it has been copied came to know about it. But the owner of this web site will consider himself lucky not due to the fact of his good fortune but due to the fact that this website is not worth to attract international audience but only attracts pampered teenagers who are car freaks so it his highly unlikely that it will ever get noticed. But for you and for the owner of this website who approves the reviews, my word of advice is to kindly grow up and get out of your pampers.
Thanks and Regards,
Patriot