20 Sep 2019: Initial Impact on Tanker Rates is Mixed
On September 14, 2019, the Abqaiq crude oil processing plant, as well as facilities related to the Khurais oilfield were attacked with drones and missiles. These facilities processed about 5.7 million barrels per day (Mb/d) of crude oil to make it suitable for transportation and refining. The total interruption in production represents about 60% of the Saudi crude oil exports and more than 5% of global oil demand.
Yemeni Houthi rebels have claimed responsibility, however, Saudi Arabia and the U.S. have stated that Iran was probably involved. The outage primarily affected the production of Arab Light and Arab Extra Light, both light to medium-heavy crudes with relatively high sulfur content.
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