Asharq Al-awsat English Middle-east and International News and Opinion from Asharq Al-awsat Newspaper

Experts Reaffirm High Oil Market Confidence in Saudi Arabia

Experts Reaffirm High Oil Market Confidence in Saudi Arabia

Sunday, 15 September, 2019 - 06:00
A production facility is seen at Saudi Aramco's Shaybah oilfield in the Empty Quarter, Saudi Arabia, May 22, 2018. (Reuters)
Dammam, Iman al-Khattaf and Ali al-Qahtan

Saudi oil experts reasserted that global markets maintained their trust in Saudi Arabia despite the recent terror attack on Aramco refineries.

Praising the industrial security of the global oil giant Aramco, the experts also pointed out to the swift containment of the fire at the oil installations.

Suleiman Al Khattaf, an expert in the oil refining and petrochemical industry, explained that the limited fire at the targeted Abqaiq refinery, which Aramco was able to control quickly, reduced the potential risk of this attack.

Highlighting Saudi Arabia as the world’s largest oil exporter, he said: “Oil is the world's first energy source; some 46 million barrels of crude oil are sold daily among world countries, of which the Kingdom's share is 7 to 8 million barrels per day. In other words, the Kingdom accounts for more than 15% of international crude oil”

Any damage to oil facilities in Saudi Arabia will consequentially disrupt the world’s oil supplies and harm major importers like China, Japan, India, EU states and the US.

“Any disruption to these (Aramco) facilities would skyrocket oil prices,” Khattaf warned, but reaffirmed that the Kingdom’s strong ability to resist any attack and high market confidence in Saudi Arabia were enough keep prices stable after the recent attack.

Saudi oil expert Saad al-Saab also ruled out any post-attack negative effect taking its toll on the oil market.

Drone attacks claimed by Yemen’s Houthi militias in Yemen struck the Abqaiq and Khurais oil installations inside Saudi Arabia on Saturday.

Speaking to Asharq Al-Awsat, Saab stressed that the Kingdom has the unique ability to stabilize the global oil market given it is the world’s biggest exporter.

“It has all the potential needed to maintain and balance the global energy market,” he said.

He praised Aramco for the efficiency of its security apparatuses and disaster contingency plans that deal with a magnitude of threats facing the oil giant’s infrastructure.

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