Published: Wed, September 18, 2019
Money | By Ethel Goodwin

Saudi Arabia partially restores output at damaged oil plant

Saudi Arabia partially restores output at damaged oil plant

Houthi rebels in Yemen, backed by Iran, originally claimed responsibility for Saturday's attack, knocking out half of the country's oil production.

Earlier, he had said the us was "locked and loaded". At least one missile passed through airspace over Kuwait, a USA ally.

"We think that evidence will be compelling", the official added.

Oil prices tumbled about 6% on Tuesday after Saudi Arabia's energy minister said the country has managed to restore oil supplies to where they stood before weekend attacks on its facilities shut 5% of global oil output. The official told the paper that the US did not provide enough evidence to prove without a doubt that Tehran's hand was involved. The Journal's report said that a Saudi official indicated that the US intelligence was not definitive.

FILE - Top U.S. military commander in Afghanistan, Joseph Dunford, talks to media representatives at the ISAF headquarters in Kabul, June, 18, 2013.

Saudi Arabia "affirms that it has the capability and resolve to defend its land and people, and to forcefully respond to these aggressions", the statement added, calling the attack "an unprecedented act of aggression and sabotage" and an "egregious crime which threatens global peace and security".

Riyadh asked worldwide experts to join its investigation, which indicates the attack did not come from Yemen, the foreign ministry said.

US Vice President Mike Pence announced that Secretary of State Mike Pompeo was on his way to Saudi Arabia to "discuss our response".

U.S. President Donald Trump on Monday said it looked as if Iran was behind the attacks but Washington has not produced concrete evidence to support its accusation, and Iran denies involvement in the strikes.

Brent crude sank more than seven percent during the Saudi energy minister's news conference.

Smoke is seen following a fire at Aramco facility in the eastern city of Abqaiq Saudi Arabia Sept. 14 2019.
Reuters
Smoke is seen following a fire at Aramco facility in the eastern city of Abqaiq Saudi Arabia Sept. 14 2019. Reuters

Energy Minister Prince Abdulaziz bin Salman is scheduled to hold a press briefing on Tuesday evening in Jeddah.

He says the benefit to Canadian oil producers is that the incident forces consumers to be more aware of where their crude is coming from and how secure that source might be.

The Trump administration, however, asserts flatly that Iran orchestrated the attack and that it was carried out from Iranian soil - not by its proxies in Yemen as it claims, or by allied militias in Iraq as some analysts initially thought.

Final trading numbers compiled by the private US energy information company, Platts, determine whether requirements for early price changes in New Brunswick are met and those are not publicly available.

"We have a lot of options but I'm not looking at options right now". "The original reaction was that 100% would come back very quickly, now the outlook is going to be a lot more conservative than that". And if Iran did give or sell more sophisticated weapons to the Houthis, perhaps it is simply responding to the United States welching on its commitment to the nuclear deal.

Trump on Tuesday said he is not looking to meet Iranian President Hassan Rouhani during a United Nations event in NY this month.

"Iranian officials, at any level, will never talk to American officials. this is part of their policy to put pressure on Iran", Iranian state TV quoted Ayatollah Ali Khamenei as saying.

A picture taken on September 15, 2019 shows an Aramco oil facility near al-Khurj area, just south of the Saudi capital Riyadh.

With Riyadh flaunting a potential military response, it appears the United States will also likely get involved with the conflict despite Trump saying Washington "doesn't want war".

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