Crude oil prices, which reached $106 per barrel yesterday, have decreased today as traders analyze the latest Houthi attacks on Saudi Arabia and the associated energy supply risks. Currently, Brent crude is priced at $105.43 and West Texas Intermediate at $92.60 per barrel, both slightly down from Monday's close but higher than last week.
Assurances from the Saudi Energy Minister
Abdulaziz bin Salman, the Saudi Energy Minister, reassured market participants earlier this week that there is no risk to the country's oil exports, calling Riyadh the "capital of energy security," despite recent deadly attacks on the Saudi capital. At the WPC energy congress on Monday, he stated: "Energy resilience goes beyond barrels of spare capacity, pipelines, and gigawatts of production. It must also be measured by the ability to maintain, repair, reroute, replace, and recover. Above all, it must be measured by the ability to continue delivery under pressure."
Read more: Saudi Arabia's Strong Commitment to Sustainable Energy Supply
Increase in Saudi Oil Exports
Despite attacks on its key infrastructure, including pipelines, ports, and refineries, Saudi Arabia has increased its oil exports. While some analysts doubt the accuracy of official information, there has been a significant increase in ship-to-ship oil transfers in the Gulf for the exit of oil from Saudi Arabia and other regional countries. Additionally, the future of the diesel agreement mentioned by President Trump is being discussed in Congress due to conflicts with the sanctions regime against Russia. Analysts have also pointed out that the volume of 4.8 million tons is not large enough to have a significant impact on pump prices in the long term.
Read more: Hamid Bord Emphasized the Revival of 100 Million Cubic Meters of Gas Production Capacity · Brent Oil Price Rises Above $103 in Global Market
