We've rounded up the week in charts
the global oil market has ever suffered. But so much has supply increased in recent years that, as a share of global output, four earlier upheavals were more serious. All were in the Middle East, of which the most acute was the Iranian revolution in 1978-79, which cut off 8.8% of global oil. This time, Aramco, the Saudi state-owned giant, lost 60% of the kingdom’s output, but just 5.7% of the world’s.
Turmoil also broke out elsewhere in the financial markets, as America's overnight “repo” rate suddenly shot up. That is what American banks pay to raise cash overnight, against high-quality securities such as Treasury bonds. A sudden surge in the rate forced the Fed to inject cash into the system.
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U.S. to deploy military forces to Saudi Arabia after drone attacks on oil sites'The president has approved the deployment of U.S. forces which will be defensive in nature,' U.S. Secretary of Defense Mark Esper said Friday.
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How Saudi Arabia failed to protect itself from drone and missile attacksInvestors are asking how the world's third-largest defense spender could have left itself so vulnerable and what that means for the future.
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Saudi Arabia Brings Reporters to Damaged Structures at Oil Sites After AttacksSaudi Arabia brought reporters to see damaged oil facilities attacked by drones and missiles last weekend, a move aimed at rallying international support against Iran ahead of a critical meeting next week of world leaders at the United Nations.
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U.S. to deploy military forces to Saudi Arabia, UAE after attacks on oil sitesThe US will be sending an unspecified number of troops and equipment to Saudi Arabia and the United Arab Emirates, Defense Sec. Mark Esper says. The deployment is in response to attacks on Saudi oil facilities. Read more:
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