Business Insider: China could be the biggest loser from the Saudi Arabia oil attack
* Saudi Arabia's oil production was slashed in half on Saturday during an attack on two of its main oil facilities.
* The attack wiped about 5% of the world's daily production of crude oil, equal to about 5 million barrels.
* Yemen's Houthi rebel group claimed responsibility for the attacks, though the US has pointed a finger towards Iran.
* An expert told Business Insider that China has been one of the largest buyers of Saudi oil since 2009, and could be impacted by a halt to the country's oil exports.
Saudi Arabia's oil production was slashed in half following an attack on two of its oil facilities on Saturday, and China, along with other countries in Asia and the Middle East, may be the ones to pay the price.
Two major oil refineries in Saudi Arabia came under attack and knocked out production on about 5% of the world's daily production of crude oil, equal to about 5 million barrels. Yemen's Houthi rebel group claimed responsibility for the attacks, though the US has pointed a finger towards Iran.
The Saudi stock index TASI fell 2.3% on Sunday before recovering, Reuters said. Other Gulf markets, including Kuwait and the United Arab Emirates, also sank.
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WNU Editor: As the above graph shows. Saudi Arabia is China's #1 source for oil imports, and it is growing. Interfere with this flow, the consequences become profound.
8 comments:
If a "analyst" failed to state that China was the big loser immediately after the attack, they are too uninformed to be listened too.
Big loser is China, big winner is USA. It's that simple. USA oil is abundant, free from attack and just as easily transported as Gulf oil. Guess what? China has slapped tariffs on US oil so there is plenty for Japan, South Korea and other nations.
Now it gets to pay more for Saudi crude too.
Keystone Kops
Iran-China-Russia Axis!
Can't make this stuff up.
**************************
Saint Trump backs energy independence.
Demon Obama worked hard to make US energy insecure while uttering sweet lies.
Democrats call this Russian Collusion. No accounting for brains
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anon
does that mean our gase prices will not go up and thus we are the winners?
Do you go on record to tell us our prices will stay the same?
or merely like simplistic people dump on Obama as your catch-all for support of Moron in charge?
"does that mean our gase[sic] prices will not go up and thus we are the winners?
Do you go on record to tell us our prices will stay the same?"
You do not understand that whole supply and demand thing. You do not understand the profit motive. You do not understand like many compleat and utter idiots that when bozos protest the Keystone Pipeline that Warren Buffet is moving that same oil via rail car and that is more dangerous and more expensive. He is also laughing all the way to the bank.
" merely like simplistic people dump on Obama"
You dump on Trump nonstop and then whine like a B*****, when Obama is criticized. You cannot make this stuff up.
Some bozo doesn't understand that the people protesting the Keystone Pipeline had their very on reasons for doing so, irrespective of the oil being train-sported.
"own"
Yeah there are no oil spills or fireballs wiping out towns with trains.
Those Indian tribes do not use oil, gas, or coal to heat their homes or run their casinos.
https://en.wikipedia.org/wiki/Big_Bayou_Canot_rail_accident
Bob are you feeling well? Usually when you are on top of your game, your IQ reaches at least 12.
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