Saudi Attack: brace for another oil price hike

25 March 2022
Saudi Aramco fire

Saudi Aramco facility ablaze in Jeddah, Saudi Arabia / @P_F_Lherisson_ via Twitter

Spectacular pictures coming out of Saudi Arabia this evening after a Houthi militia attack on an Aramco facility in Jeddah.

The Saudi government has already effectively declared force majeure on disruptions to oil supplies.

"The Kingdom declares that it will not incur responsibility regarding any shortage of oil supply as its oil facilities are attacked by Houthi terrorist militias," the country's foreign ministry said.

Just last week, UK prime minister Boris Johnson was in Saudi Arabia "begging them to pump more oil". The Saudis turned him down.

The Saudis have been fighting a war against the Houthi in neighbouring Yemen for the past seven years with backing from the UK and US.

In 2019, Houthi attacks slashed Aramco's production by 5,7 million barrels per day.

 

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