No. of Recommendations: 5
As for the Saudis, a little support is the minimum expected for their considerable contribution to the wellbeing of the right people in America, over and beyond the usual defense contracts:And, as others have pointed out, Saudi has a pipeline to the Red Sea. Saudi can enjoy higher crude prices, and line MBS' pocket even better, while all the nations that have no alternate route for their exports, are off line. Iraq, Kuwait, the UAE, and Qatar, are all reducing production, due to a lack of storage space.
Iran war threatens prolonged impact on energy markets as oil prices rise
The United States-Israeli war on Iran could leave consumers and businesses worldwide facing weeks or months of higher fuel prices even if the conflict, which is now in its eighth day, ends quickly, as suppliers grapple with damaged facilities, disrupted logistics, and elevated risks to shipping.
As a result of these developments, oil and gas storage at facilities in the Gulf is rapidly filling, forcing oilfields in Iraq and Kuwait to cut oil production, with the UAE likely to cut next, analysts, traders and sources told Reuters.
“The conflict could be ended, but it could take days or weeks or months, depending on the types of fields, age of the field, the type of shut-in that they’ve had to do before you can get production back up to what it once was,” he said.
Iranian forces, meanwhile, are targeting regional energy infrastructure, including refineries and terminals, forcing them to shut down, too, with some of those operations badly damaged by attacks and in need of repairs.aljazeera.com - Iran war threatens prolonged impact on energy markets as oil prices riseAs noted on other forums, even if God and Savior Trump offers insurance on ships and cargoes in the Gulf, if the storage facilities and loading terminals are damaged, the ships can't be loaded.
US big oil must be terribly pleased. They are now selling oil for nearly 50% more than they were a month ago, without even coming in off the golf course.
Steve
