Thursday, 17 October, 2019

Oil drops sharply as Saudi output seen returning soon after attacks

Ginger Lawrence | 17 September, 2019, 21:15

"The policy of "maximum pressure" against the Iranian nation is worthless and all Islamic Republic of Iran officials unanimously believe there will be no negotiations with the U.S.at any level", he said, quoted on his official website.

US President Donald Trump said yesterday that America has become such a big oil producer that it no longer needs petrol from the Middle East.

Iran's President Hassan Rouhani alongside the leaders of Russian Federation and Turkey, in a news conference in Ankara.

While Washington has cast blame on Tehran, Yemen's Houthi rebels claimed responsibility for this weekend's strikes, which devastated a pair of Saudi oil treatment facilities and disrupted almost five percent of the global oil market, or 5.7 million barrels per day.

Yemen's Iran-backed Houthi rebels claimed responsibility for the attack on Saturday, sparking huge fires and halting about half of the supplies from the world's largest exporter of oil.

Saudi air defences did not stop the drones and missiles because they were pointed southwards, to prevent attacks from Yemen, the officials added.

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The restrictions announced by Trump officials would only apply to nicotine vaping products, which are regulated by the FDA . The American Lung Association issued a statement against the action for not including menthol flavored e-cigarettes.

Trump, alternating between aggressive and nonviolent reactions, said the U.S. could respond "with an attack many, many times larger" but also "I'm not looking at options right now". He also said the impact of oil production shortages would not be significant on the United States, which is a net energy exporter.

China's Foreign Ministry maintained that it was irresponsible to blame anyone for an attack on Saudi Arabia's oil facilities without conclusive facts, striking a cautious note after the United States blamed Iran.

According to AAA spokesperson Jeanette Casselano, gas prices will likely increase this week and could climb as much as "a quarter per gallon throughout this month".

"They're in the process of assessing the damage".

"The Saudis have identified the weapons used as being Iranian-owned", he said. This should help to further minimize the impacts of the attacks on consumers.