Eric Nuttall commentary His market view What does Saturday's attack mean for energy stocks?
On Saturday morning, the Abqaiq oil processing facility in Saudi Arabia, described as the most important piece of oil infrastructure in the world, as well as the Khurais oil field were hit by either explosive laden drones or cruise missiles. Significant damage was incurred and Saudi Arabian productive capacity fell by about 5MM Bbl/d (ie. 5% of world oil supply). This is the largest and most important energy geopolitical event in modern history and should not be discounted as a short-term “sell the news” type of event.
It is unclear how long it will take to restore production as initially it was “ a matter of days” but now headlines this morning indicate that Saudi Aramco is less confident in that assertion and that it could take weeks. ... more by clicking that above link