VP Pence speaking on Iran attacks on Saudi oil facilities
Nothing new here but US VP is on the wires saying:
- US military is ready after Saudi oil attacks
- US ready to defend our interests and our allies
- if a rain conducted Saudi attack to pressure Trump to back off maximum pressure campaign, they will fail
- attacks against our allies in the global energy supply will fail
- US evaluating all evidence consulting allies and will decide best course of action in days ahead
Earlier the US reported that the attack on Saudi Aramco's oil facility came from Moran, alleging also that cruise missiles were used in the attack (not drones). This hardens the case for a sovereign strike (i.e. one from Iran).
Meanwhile Saudi's Aramco is allowing employees to enter Abqaiq compound for 1st time since the attack.
Earlier today it was reported that the Saudi's would get production back up to capacity sooner than expected. According to the reports, Saudi Arabia is close to restoring 70% of the 5.7 mbpd of oil output loss. That would be 4 million barrels per day. Furthermore, they expect to have output fully back in place in 2-3 weeks.
Crude oil prices remain down sharply with the contract back below the 60 level at $59.66. That is down $3.25 or -5.15% on the day. The high price reached $62.59. While the low has extended to $58.74.
