The drone attack on the world’s largest oil processing facility, Abqaiq in the heart of Saudi Arabia’s oil industry, forced Saudi Aramco to shut in 5.7 million b/d of crude production, which equates to roughly 7% of the current global crude and condensate production. However, the bullish reaction in oil prices after the biggest attack on oil infrastructure since the Gulf War will likely be short-lived, according to Bjornar Tonhaugen, head of oil market research at Rystad Energy. Saudi Arabia has vast quantities of crude in storage, estimated to equal about 26 days of current crude exports, a large portion
