Attacks on Saudi oil supply effectively wipe out the world’s spare capacity, S&P Platts says

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International benchmark Brent crude oil price spiked as much as 19% on Monday to $71.95 a barrel while U.S. West Texas Intermediate jumped more than 15% to a session high of $63.34 a barrel.

Saudi Aramco, the national oil company, has 35-40 days of supply to meet contractual obligations, a source close to the matter told CNBC.

Drone strikes attacked an oil processing facility at Abqaiq and the nearby Khurais oil field on Saturday, knocking out 5.7 million barrels of daily crude production or 50% of the kingdom’s oil output.


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