IEA: Swift Saudi recovery returns oil markets to ‘business as usual’

Global oil markets largely weathered attacks on oil sites in Saudi Arabia last month, the International Energy Agency said October 11, 2019. — Reuters pic
Global oil markets largely weathered attacks on oil sites in Saudi Arabia last month, the International Energy Agency said October 11, 2019. — Reuters pic

LONDON, Oct 11 — Global oil markets largely weathered attacks on oil sites in Saudi Arabia last month, the International Energy Agency said today, as the world’s top crude exporter swiftly recovered from the greatest single outage to global supply in modern times.

“Oil markets in September withstood a textbook case of a large-scale supply disruption,” the Paris-based agency said in a monthly report, in a section headed “Business as usual”.

“Prices fell back as it became clear that the damage, although serious, would not cause long-lasting disruption to markets.” — Reuters

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