ANALYSIS, COMMENTS, THOUGHTS, AND OTHER OBSERVATIONS IN DR. SKOSPLES' NATIONAL INCOME AND BUSINESS CYCLES COURSE AT OHIO WESLEYAN UNIVERSITY
Sunday, September 15, 2019
Saudi Arabia faces weeks without full oil production after attack
There are some big questions being raised on whether or not Saudi Arabia will be able to bounce back from the drone strikes that took out around 5.7 million barriels of crude oil or just above 50% of daily production this past weekend. Saudi Arabia supplies more then 10% of the worlds crude oil making them the largest exporter oil, so its no surprise that this attack will send shockwaves throughout the global energy markets. The big question that we are left with is how long until Saudi Arabia is back to 100% production, and how will it affect gas prices here in the States.
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US crude oil prices also jumped 15%. I wonder how much gains energy stocks will have tomorrow possibly during pre-market or at market open.
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