Oil and trouble in the Gulf
Gulf producers learn that regional instability no longer guarantees high oil prices
The September attacks on Saudi Aramco’s Abqaiq processing plant and Khurais oil field—which took out about half the kingdom’s production—was the most serious in a string of destabilising developments in the Middle East during the summer and early autumn: the seizure of oil tankers; attacks on tankers; the sacking of the Saudi oil minister; riots in Iraq and Egypt; an acceleration of Iranian uranium enrichment; the Turkish invasion of northern Syria. Under normal circumstances, any one of these events could have triggered a prolonged spike in oil prices. After the Abqaiq/Khurais attacks, the price rose by about 20pc, but not for long. The average Brent spot price for that week was just over
Also in this section
20 May 2024
Not for the first time, a foreign oil company-led project in Iraq’s Kurdistan region is dealing with the aftermath of a deadly drone attack
17 May 2024
The latest drought crisis is passing, but longer-term solutions are in motion, explains Panama Canal Authority Administrator Ricaurte Vasquez Morales
16 May 2024
Flat oil growth in 2024 highlights mounting industry problems
15 May 2024
Five years ago, Uzbekistan turned to a private company called Saneg to reverse the fortunes of its oil industry. Results so far are encouraging, and according to CEO Tulkin Yusupov, further progress is on the way