Persian Gulf update 9/15/2019..Iran rejects US’ claim it attacked Saudi oil facilities and declares readiness for war

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Analysis: Saudi oil attacks: Iran rejects US accusation

US Secretary of State Mike Pompeo blames Iran for the drone attack at Saudi Aramco, Saudi Arabia’s state-owned oil giant. He says Iran has been practising fake diplomacy and added that there is no evidence that the drone attack came from Yemen.

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Saudi Stocks Tumble After Yemen Drone Attack on Aramco

Saudi stocks fell sharply on Sunday, after attacks on two plants at the heart of the kingdom’s oil industry on Saturday knocked out more than half of the crude output.

In the aftermath of the successful operation by the Yemen’s Ansarullah movement on Saturday, Saudi shares dropped three percent at the start of trading Sunday.

The Arab world’s largest capital market shed some 200 points in the first few minutes after the opening bell, before regaining some of the losses.

The key energy sector plunged 4.7 percent, while the telecom and banking sectors each slid three percent.

Saudi Basic Industries (SABIC), the kingdom’s biggest petrochemicals firm, was down 2.4 percent after it announced it had curtailed feedback supplies by about 49 percent following the strikes. Other petrochemical companies such as Yanbu National Petrochemicals Co and Kayan also announced significant reductions in feedstock supplies.

Other Persian Gulf markets also reacted negatively to the incident, with Kuwait’s premier index down 0.4 percent and Dubai stocks falling 0.5 percent, although they recovered from sharper intraday losses.

The Yemeni reprisal operation in Abqaiq and Khurais knocked down some 5.7 million barrels per day (bpd) of the kingdom’s oil production and Saudi officials have not given a timeline for restoring full supply.

Reuters has reported that Saudi Arabia’s return to its full oil supply capacity after the attacks on Aramco oil plants could take “weeks not days”.

Oil analysts and traders also say that the impact of the attack on crude prices could be double digit and the commodity’s price could jump as much as $10 per barrel.

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