Global oil prices increased on Wednesday due to reports regarding an attack on a refinery in Saudi Arabia and geopolitical concerns about supply. On this day, the price of Brent crude futures rose by $1.48, equivalent to 1.3%, reaching $115.36 per barrel. Additionally, the price of West Texas Intermediate (WTI) crude oil in the United States also increased by $1.22, equivalent to 1.22%, reaching $101.12 per barrel.
Details of the Attack on Saudi Arabia's Refinery
Yemeni forces announced on Tuesday that they targeted the largest oil refinery in Saudi Arabia with a missile attack. This refinery, with a processing capacity of 550,000 barrels per day, puts pressure on the world's second-largest crude oil producer. Saudi officials have not yet confirmed this attack, but it has raised concerns about the security of oil supply.
Read more: France announced that Europe will supply 42 million barrels of oil to the market
Impact on the Oil Market
This price increase occurred while prices had decreased by nearly $2 on Tuesday due to easing concerns about oil supply. The upward trend in oil prices emerged as data was expected to show an increase in crude oil inventories in the United States. According to a Reuters poll of eight analysts, U.S. crude oil inventories increased by about 15,000 barrels in the week ending October 23.
Three sources familiar with the matter told Reuters that oil-producing countries in the OPEC Plus group will maintain their oil production targets for December unchanged at their meeting on Sunday. This decision aligns with market expectations, and production levels in most of the seven main OPEC Plus members — including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman — are below their set production targets.
At the same time, reports indicate that Russian crude oil exports from the country's ports in the Baltic Sea and the Black Sea may decline next month. This is due to increased diesel production by Russian refineries following an agreement reached with Washington. These developments could have significant impacts on the oil market.
Read more: Executives from ExxonMobil and Chevron canceled their trip to the Gulf due to security concerns · Diplomatic efforts by Middle Eastern countries to reduce tensions in the oil market
