A major drone attack on two Saudi Arabian oil facilities last week spooked markets across the globe. The attack set off huge fires that disrupted over half of the kingdom’s oil supply. It became the single biggest oil supply disruption in history, topping the production hit caused by the Iranian Revolution in 1979 and Iraq’s invasion of Kuwait in 1990. With oil supplies taking a hit and tensions escalating in the region, repercussions are going to be felt in India too.
Prices to soar
Global crude oil prices had been benign for the past few weeks, weighed down by surplus inventory in the face of weak demand. But the production halt in one of the world’s major oil producing nations is likely to send crude prices soaring in the near term. Read More
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