Title : Is China The Biggest Loser From The Saudi Arabia Oil Attack?
link : Is China The Biggest Loser From The Saudi Arabia Oil Attack?
Is China The Biggest Loser From The Saudi Arabia Oil Attack?
Business Insider: China could be the biggest loser from the Saudi Arabia oil attack
* Saudi Arabia's oil production was slashed in half on Saturday during an attack on two of its main oil facilities.
* The attack wiped about 5% of the world's daily production of crude oil, equal to about 5 million barrels.
* Yemen's Houthi rebel group claimed responsibility for the attacks, though the US has pointed a finger towards Iran.
* An expert told Business Insider that China has been one of the largest buyers of Saudi oil since 2009, and could be impacted by a halt to the country's oil exports.
Saudi Arabia's oil production was slashed in half following an attack on two of its oil facilities on Saturday, and China, along with other countries in Asia and the Middle East, may be the ones to pay the price.
Two major oil refineries in Saudi Arabia came under attack and knocked out production on about 5% of the world's daily production of crude oil, equal to about 5 million barrels. Yemen's Houthi rebel group claimed responsibility for the attacks, though the US has pointed a finger towards Iran.
The Saudi stock index TASI fell 2.3% on Sunday before recovering, Reuters said. Other Gulf markets, including Kuwait and the United Arab Emirates, also sank.
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WNU Editor: As the above graph shows. Saudi Arabia is China's #1 source for oil imports, and it is growing. Interfere with this flow, the consequences become profound.
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