Attacks on Saudi oil infrastructure increase in Q1
www.spglobal.com/commodity-insights/en/market-insights/lates…
Saudi Arabia has said it is no longer responsible for any shortages in oil supply because of attacks on its facilities. An S&P Global Commodity Insights analysis of missile and drone strikes on the kingdom’s infrastructure in the first quarter of 2022 suggests Riyadh’s warning is more than just scaremongering…The three months ending March 31 saw 13 attacks directed at the kingdom and its oil producing allies in the Gulf, up from nine reported incidents in the same period last year…
A deeper analysis shows Saudi bore the brunt of attacks on the Gulf region’s oil and energy infrastructure, accounting for 70% of all incidents, with 38% resulting in hits on targeted facilities such as storage, refineries and shipping, the research shows. However, oil flows from the Middle East region – which accounts for about a third of global seaborne supply – have been unaffected by the increase in attacks since the beginning of the year…
Saudi Aramco has historically tried to maintain a 2 million b/d spare capacity buffer…Houthi militants have repeatedly targeted the kingdom’s energy infrastructure since Riyadh launched a military campaign in Yemen against the Iran-backed Houthis…The UAE – Saudi’s main ally in its war in Yemen as part of the Arab Coalition – has also found itself increasingly targeted by militants in 2022.
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