Saudi Arabia: Missile and drones attack on crude oil installations, crude oil prices rise

Prices in the global crude oil market, which were already steadily climbing after the attacks on petroleum installations in Saudi Arabia, rose on Monday. In the meeting of the Oil Producer and Exporting Countries Forum (OPEC) and its partner countries last week, the decision to keep the production cuts close, the process of raising prices in the crude oil market itself was intensified. The market was further aggravated by the news of an attack on the installations of major oil producer Saudi Arabia.

Brent crude, considered the barometer of the market, jumped $ 1.14 to reach $ 70.14 a barrel on Monday. For the first time after more than a year, Brent crude oil has gone above 70. On Friday, it had gained $ 2.62.

US crude oil also jumped $ 1.10 to reach 67.19 a barrel. On Friday, it had risen by $ 2.26 and its price had gone to 66.09. Last year, crude oil broke due to the Korana virus infection and public restrictions imposed on visits by governments. But it has returned fast for some time.

Due to heavy cold and snowfall in the US last month, there was a decrease of 4 million barrels of oil production daily, due to which US crude oil went above $ 60. At the meeting of the OPEC alliance and Russia and other producing countries last week, keeping the daily oil production at the current level, further boosted the already strong market of oil.

Demand to abolish daily deduction
Major consumer countries like India have been demanding from OPEC to abolish the daily cut in production. But OPEC ignored this demand. A coalition of countries led by Saudi Arabia carried out airstrikes on Yemen's capital and some other provinces on Sunday. The attacks were in response to missile and drone attacks on Saudi Arabian oil companies. The attack on Saudi Arabia has been reported to have been carried out at the instigation of Iran.

The loss in the attack was not reported by the
Saudi press agency, quoting an official of the Petroleum Ministry that the drones released from the sea against them fell on the oil reserves area at Ras Tunura, a port operated by the Saudi Arabian government company Aramco. However, the officer's name has not been given in this report. The official claimed that there was no damage to Saudi Arabian oil installations in the attack.

The Petroleum Ministry of Saudi Arabia condemned the attack, saying it was a sabotage operation that targeted not only Saudi Arabia but also the world's fuel supply system and energy security. Energy costs increase as the price of crude oil rises.