Russia’s Novak: There are enough commercial stockpiles to make up the shortfall from Saudi
|Responding to the Saudi Arabian oil facility attack on Saturday, the Russian Energy Minister Alexander Novak said that there are enough commercial stockpiles to make up the shortfall from Saudi Arabia.
There is no immediate need to call an extraordinary OPEC and non-OPEC meeting, he added.
The attack shut in the equivalent of 5% of global supply. The state-owned producer Saudi Aramco’s processing facilities at Abqaiq and Khurais has cut output by 5.7 million barrels per day. The company has not given a timeline for the resumption of full output.
Both crude benchmarks remain heavily bid around 10% higher on the day, despite reversing half the early 20% rally.
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