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The Global Oil Market

A drone attack on Saudi Arabia\'s oil refineries further worsens the world economy that has been hit by uncertainty due to the escalation of the trade war between the United States and China.

By
Ari Kuncoro
· 5 minutes read
https://cdn-assetd.kompas.id/kRINzUTyDKNjqAr3wE-RRDMl1c8=/1024x576/https%3A%2F%2Fkompas.id%2Fwp-content%2Fuploads%2F2019%2F09%2F20190923_ENGLISH-ANALISIS-EKONOMI_D_web_1569247317.jpg
AFP/FAYEZ NURELDINE

Employes of Aramco oil company stand near a heavily damaged installation in Saudi Arabia\'s Khurais oil processing plant on September 20, 2019. - Saudi Arabia said on September 17 its oil output will return to normal by the end of September, seeking to soothe rattled energy markets after attacks on two instillations that slashed its production by half. The strikes on Abqaiq –- the world\'s largest oil processing facility –- and the Khurais oil field in eastern Saudi Arabia roiled energy markets and revived fears of a conflict in the tinderbox Gulf region.

A drone attack on Saudi Arabia\'s oil refineries further worsens the world economy that has been hit by uncertainty due to the escalation of the trade war between the United States and China. The attack has caused panic in the world oil market as reflected by the increase in the prices of both crude oil with standard quality West Texas Intermediate and crude oil with premium quality Brent. There is a price difference of approximately US$10 per barrel between the two crude oil types. Brent oil prices rose nearly 20 percent to $72 per barrel, the highest increase since January 14, 1991 at the time when the Gulf War broke out.

While the price of WTI crude oil rose to around $65 per barrel. This situation caused panic, raising speculation that oil prices would rise to $100 per barrel or even more. This has led to the notion that a recession that has been feared will become a reality in the near future.

Editor:
naranasrullah
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