You're reading: The Moscow Times: Analysts – Russia could gain from Saudi oil attack

The Moscow Times: Analysts – Russia could gain from Saudi oil attack

Published Sept. 17, 2019 at 12:17 pm

This satellite overview handout image obtained September 16, 2019 courtesy of the US Government shows damage to oil/gas infrastructure from weekend drone attacks at Abqaig on September 15, 2019 in Saudi Arabia. - Drone attacks on key Saudi oil facilities have halved crude output from OPEC's biggest exporter, catapulting oil prices by the largest amount since the first Gulf War. The crisis has focused minds on unrest in the crude-rich Middle East, with Tehran denying Washington's charge that it was responsible.Brent oil prices leapt 20 percent on Monday to chalk up the biggest intra-day daily gain since 1991.

Photo by AFP

Russia is set to be a major winner after an attack on Saudi Arabian oil facilities slashed production and ramped up tensions in the Middle East, analysts predict.

In a frantic day for the world’s markets, oil prices climbed by almost 15 percent Sept. 16 following the drone attacks on Abqaiq, Saudi Arabia’s largest oil refinery, which pumps around 5 percent of the world’s oil supply.