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Aramco’s Abqaiq Plants Win Global Business Continuity Award

Aramco’s Abqaiq Plants Win Global Business Continuity Award
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Aramco’s Abqaiq Plants Win Global Business Continuity Award

Aramco’s Abqaiq Plants Win Global Business Continuity Award

The Abqaiq Plants of Saudi Aramco have won the Global Award of the Business Continuity Awards 2020 presented by CIR.

Continuity Insurance and Risk (CIR) is based in London.

The award announced online this week reflects the quick resumption of production at the Abqaiq Plants following the terrorist attacks of September 14, 2019.

Saudi Arabia was able to resume production just days after the attacks following Aramco's move to keep its supply by using its reserves and increasing production in oil fields.

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Oil Pares Gains after Strongest Weekly Rise in Over a Year

FILE PHOTO: A pump jack drills oil crude from the Yates Oilfield in West Texas’s Permian Basin, as a 1.5MW GE wind turbine from the Desert Sky Wind Farm is seen in the distance, near Iraan, Texas, US, March 17, 2023. REUTERS/Bing Guan/File Photo
FILE PHOTO: A pump jack drills oil crude from the Yates Oilfield in West Texas’s Permian Basin, as a 1.5MW GE wind turbine from the Desert Sky Wind Farm is seen in the distance, near Iraan, Texas, US, March 17, 2023. REUTERS/Bing Guan/File Photo
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Oil Pares Gains after Strongest Weekly Rise in Over a Year

FILE PHOTO: A pump jack drills oil crude from the Yates Oilfield in West Texas’s Permian Basin, as a 1.5MW GE wind turbine from the Desert Sky Wind Farm is seen in the distance, near Iraan, Texas, US, March 17, 2023. REUTERS/Bing Guan/File Photo
FILE PHOTO: A pump jack drills oil crude from the Yates Oilfield in West Texas’s Permian Basin, as a 1.5MW GE wind turbine from the Desert Sky Wind Farm is seen in the distance, near Iraan, Texas, US, March 17, 2023. REUTERS/Bing Guan/File Photo

Oil prices pared gains in early trade on Monday after charting their biggest weekly rise in over a year on Friday amid mounting threats of a region-wide war in the Middle East.
Brent crude futures fell 43 cents, or 0.5%, to $77.62 per barrel by around 0015 GMT. US West Texas Intermediate crude futures slipped 35 cents, or 0.5%, to $74.03 per barrel, according to Reuters.
Last week, the Brent contract gained over 8% on a weekly basis and the most in a week since January 2023, while the WTI contract gained 9.1% week-on-week, the most since March 2023.
"Profit-taking might have been the cause of the retreat after the price surge last week," said independent market analyst Tina Teng.
"However, the oil market will likely continue to face upside pressure due to fears of Israel's retaliation response to Iran. Geopolitical tensions are now playing a key role in shaping the market trend."
Israel bombed Hezbollah targets in Lebanon and the Gaza Strip on Sunday ahead of the one-year anniversary of Hamas' Oct. 7 attacks on Israel that triggered war. Its defense minister also said all options were open for retaliation against Iran.
That came after Iran launched a missile attack on Israel last week in response to Israel's operations in Lebanon and Gaza.
Meanwhile, Israeli police said early on Monday that Hezbollah rockets had hit Israel's third-largest city of Haifa.
Despite the rally in oil prices last week, the impact of this conflict on oil supply will be relatively small, said ANZ Research in a Monday client note.
"We see a direct attack on Iran's oil facilities as the least likely response among Israel's options. Such a move would upset its international partners, while a disruption to Iran's oil revenue would likely leave it with little to lose, potentially provoking a more ferocious response," it said.
"Moreover, we have seen a diminished impact of geopolitical events on oil supply. This has led to a significantly smaller geopolitical risk premium being applied to oil markets in recent years, and OPEC's 7 million barrels per day of spare capacity provides a further buffer."
OPEC and its allies including Russia and Kazakhstan have millions of barrels of spare capacity, as it has been cutting production in recent years to support prices amid weak global demand.
At its last meeting on Oct. 2, OPEC and its allies, or OPEC+, kept its oil output policy unchanged including a plan to start raising production from December.