The drone attack on Saudi Aramco’s processing facility and oilfield in eastern Saudi Arabia has sent a chilling message to all economies that depend heavily on crude-oil imports. The attack has once again put the spotlight on the world’s ability to absorb the shocks from a possible supply issue. Following the incident on September 14, the world’s biggest crude-processing facility at Abqaiq has cut 5.7 million barrels of oil production every day,
Business News›Prime›Energy›With a 12-day oil reserve, a lingering Saudi crisis could hurt India. What could help? US supplies
Energy security
With a 12-day oil reserve, a lingering Saudi crisis could hurt India. What could help? US supplies
Synopsis
If supplies from the world’s biggest crude-processing facility are not restored in two weeks, India will have to worry. While the government will have the option to increase its imports from the US, the higher cost will put pressure on its already-strained finances.
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