On Monday, crude oil prices crossed the $ 70 mark for the first time since the Covid 19 epidemic following an attack on oil installations in Saudi Arabia. Market analysts believe that petrol diesel prices may rise further, which have already crossed Rs 100 a liter. According to Saudi’s Petroleum Ministry, the attackers had released drones from the sea to the oil reserves at Ras Tunura of the state-run oil company Aramco. This has not caused any damage to oil installations. The world’s largest crude oil producer condemned the attack, saying that this sabotage action is an attack not only on Saudi Arabia, but also on the world’s fuel supply system. This could affect the oil supply worldwide and energy costs would also increase due to rising crude oil prices. This situation for the world economy trying to recover from the corona epidemic can create a crisis.
Crude prices rose $ 1.14 to $ 70.47 per barrel after the attack, the top of 15 months. WTI also reached $ 66.23 a barrel, the highest since October 2018.
There were also attacks on Saudi Arabian oil installations in 2019, after which crude oil prices rose 14%. Not only this, half of Saudi’s oil supply was also affected, causing 5% of the world’s total supply to come to a standstill. Cold and snowfall in the US also reduced production by 4 million barrels, bringing prices to the top of two years with $ 60.