OPEC assesses the impact of attacks on the oil infrastructure of Saudi Arabia on the oil market and believes that it is too early for the organization’s countries to take any measures to increase production or hold an extraordinary meeting, Reuters reported referring to the UAE Energy Minister.
Oil prices jumped nearly 20% on Monday, with Brent showing a record intraday rise since the Gulf War in 1991 after attacks on Saudi oil facilities over the weekend, which halved the kingdom’s oil production.
UAE Energy Minister Suhail al-Mazrouei said on Monday that his country has free oil capacity to deal with possible supply disruptions after attacks on Saudi oil facilities, but it is too early to convene an extraordinary OPEC meeting.
“We have spare capacity, there are volumes we can deal with as an instant reaction,” Suhail al-Mazrouei told reporters in Abu Dhabi.
On the night of September 14, Saudi Aramco enterprises in the east of the country were attacked by 10 unmanned aerial vehicles. The responsibility for this was claimed by the Yemen's Houthi rebels. In particular, the largest oil refinery complex in the world near the city of Abqaiq, where many Western experts live, as well as an oil refinery in the Khurais region, in which the kingdom's second-largest oil field is located, was attacked. After the attacks on them, a strong fire broke out. According to authorities, the fire was localized.