International

Petrol prices could soar after drone strikes on Saudi oil facilities

Saudi officials say 'Iranian weapons were used in the attack (Picture: AP/ Getty/Reuters)

Saudi officials say Iranian weapons were used in the attack (Picture: AP/ Getty/Reuters)

Petrol prices could rise to levels not seen since the First Gulf War, after drone strikes on Saudi oil facilities halted the production of 5.7 million barrels a day.

Prices could soar to as much as 7.5p per litre over the coming weeks, according to Goldman Sachs, amid rising tensions in the Gulf.

On Saturday, a swarm of explosive drones attacked the worlds biggest oil processing plant in Saudi Arabia, knocking out more than half of the countrys output and five per cent of the worlds oil production.

Yemens Houthi rebels, who have received backing and support from Iran, say they were responsible for the attack, while Saudi Arabia and the US have laid the blame on Iran.

Saudi officials said Iranian weapons were used, which were not launched from Yemen.

Fears over an all-out war have led to increases in the price of crude, however the AA says any increase in petrol prices would be offset by the strength of the pound against the dollar, as well as increased production levels by the Americans.

A driver holds a fuel nozzle as he prepares to refuel his luxury Ferrari automobile with unleaded petrol at an Esso gas station, operated by Exxon Mobil Corp., in Guildford, U.K., on Monday, Dec. 8, 2014. Brent crude oil for January settlement climbed 67 cents to $66.86 a barrel on the London-based ICE Futures Europe exchange at 12:08 p.m. local time. after having slid $2.88 to $66.19 yesterday, the lowest close since September 2009. Photographer: Jason Alden/Bloomberg via Getty Images

Petrol prices could rise to levels not seen since the First Gulf War (Picture: Getty Images)

FILE - In this Saturday, Sept. 14, 2019 file photo, made from a video broadcast on the Saudi-owned Al-Arabiya satellite news channel, smoke from a fire at the Abqaiq oil processing facility fills the skyline, in Buqyaq, Saudi Arabia. The weekend drone attack on one of the world???s largest crude oil processing plants that dramatically cut into global oil supplies is the most visible sign yet of how Aramco???s stability and security is directly linked to that of its owner -- the Saudi government and its ruling family. (Al-Arabiya via AP, File)

Smoke from a fire at the Abqaiq oil processing facility fills the skyline, in Buqyaq, Saudi Arabia (Picture: Al-Arabiya)

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 14, 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 HO / US Government / AFP) / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO /US GOVERNMENT/HANDOUT " - NO MARKETING - NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTSHO/AFP/Getty Images

This satellite overview handout image obtained September 16, 2019 courtesy of the US Government shows damage to oil/gas infrastructure from weekend drone attacks (Picture: AFP)

Smoke billows fro<a href=https://metro.co.uk/2019/09/16/petrol-prices-soar-drone-strikes-saudi-oil-facilities-10754887/>Read More – Source</a></p> </body></html>

Related Posts