The strike on the heartland of Saudi Arabia's oil industry, including damag...
LONDON - The strike on the heartland of Saudi Arabia’s oil industry, including damage to the world’s biggest petroleum-processing facility, has driven oil prices to their highest level in nearly four months.
The kingdom has for years been the only major oil producing country that has kept significant spare capacity that it could start up quickly to compensate for any deficiency in supply caused by war or natural disaster. Yes, OPEC and its allies such as Russia have cut output to prevent prices from weakening because the market has been oversupplied.
Shale producers can move quickly to pump more when prices rise, and can bring production online in a matter of months. That is a much faster time line than most traditional oil production.
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