An attack on Saudi oil facilities on Saturday is believed to have disrupted half...
LONDON - An attack on Saudi oil facilities on Saturday is believed to have disrupted half the country’s production capacity, making the United States the only real holder of the global supply cushion via its ability to raise own output or to soften sanctions against other major oil producers.
Saudi Arabia, the Organization of the Petroleum Exporting Countries’ de-facto leader and largest producer, has been long seen as the custodian of the world’s spare oil capacity. The United States has briefly overtaken Saudi Arabia as the world largest crude exporter this year, only a few years after removing a ban on oil exports because of large needs at home as the world’s largest oil consumer.
Both are subject to U.S. sanctions and have seen their exports reduced to a trickle over the past year as U.S. President Donald Trump has tightened sanctions.
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