Saudi Arabia has yet to comment on the extent of damage on its oil production but industry sources have said some 5-6 million barrels per day (bpd) or 5-6% of global supply have been affected.
Compared to its scintillating run between May and August, gold’s performance in recent days has been nothing short of anemic.
One of the sources said the attacks have impacted 5 million barrels per day of oil production — almost half the kingdom’s current output. The source did not elaborate.
HOUSTON (Reuters) – Saturday’s attacks on key Saudi Arabia processing plants will test the world’s ability to handle a supply crisis as it faces the temporary loss of more than 5% of global supply from the world’s biggest crude exporter.
By 10:25 AM ET (1425 GMT), Gold Futures for delivery on the Comex exchange were at $1,505.75 a troy ounce, down 0.1% from late Thursday but up from an intra-day low of $1,503.20.