Wednesday, September 18, 2019

The biggest rise in crude prices in intra-day

Saudi Arabia's drone attack on Aramco Oil Company has affected five percent of global oil supply. Due to this, the intraday rise in crude prices was observed at 8%. For the first time ever, there was such a huge rise in crude prices in Inta Dre. However, crude oil prices began to decline after Trump announced that the US would release oil from its emergency fund, and crude prices saw a 2 percent rise during the recession.

Other oil producing countries other than Saudi Arabia have also stated that we are able to meet any oil shortage caused by the 4 per cent production of Aramco. The announcement also saw a significant impact on crude prices.

Saudi Arabia's crude daily production is down by 3 million barrels due to the attack. Which is 5% of the total daily production. That is, Saudi Arabia's production is down by 5 percent daily.

It is worth mentioning that Saudi Arabia is the largest exporter of crude oil. In addition, it plays an important role in stabilizing oil prices. It can also increase and reduce millions of barrels of oil production in a single day to keep the crude oil market stable.

Meanwhile, Russia has stated that there is a need to convene an emergency meeting of the OPEC countries. Russia's Energy Minister Alexander Novak told reporters that there was enough space in the market to meet any shortage.

It is worth mentioning that the attack on Aramco was carried out at a time when the company is preparing to bring the IPO. In June, the company had 1.8 million barrels of oil.
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