The missile attack by Ansar Allah of Yemen on a major refinery in Saudi Arabia on Tuesday, November 6, 1405, led to a significant increase in oil prices in global markets. This attack, which targeted the largest oil refinery in Saudi Arabia with a daily refining capacity of 550,000 barrels, heightened concerns about potential disruptions in Middle Eastern oil supply.
Oil Price Increase After the Attack
According to the latest trading rates, the price of Brent crude oil increased by 1.3%, equivalent to $1.48, reaching $115.36 per barrel. Additionally, West Texas Intermediate crude oil in the United States rose by $1.22, a 1.22% increase, trading at $101.12 per barrel. This price increase followed a nearly $2 drop in oil prices on Tuesday.
Read more: Aramco Supplies More Oil Shipments to Europe
Oil Market Analysis
Recent developments in the Middle East and the attack on Saudi oil facilities, along with forecasts of increasing U.S. oil inventories, have impacted the oil market. According to a Reuters survey of eight analysts, U.S. crude oil inventories increased by about 15,000 barrels in the week ending October 23. This could influence oil trading trends.
OPEC+ oil-producing countries are expected to maintain their production targets for December unchanged at their meeting on Sunday. This approach aligns with market expectations. Meanwhile, oil production in most major countries of this coalition, including Saudi Arabia, Russia, and Iraq, remains below set targets.
Currently, Russian crude oil exports from Baltic and Black Sea ports may decline next month. This possibility arises as Russian domestic refineries increase diesel production following the country's agreement with Washington this month. A potential decrease in Russian oil exports could also impact global oil supply.
Read more: Management of Third Gasoline Rationing in Kurdistan Handed Over to Citizens · Oil Price Reaches $115 After Attack on Saudi Refinery
