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YGRN - Saudi Oil Site Attacks Exacerbate Tightening Supply Add To Price Risk Premium
Bank of Montreal ZC SP ETN REDEEM 25/03/2039 USD 50 - Ser E YGRN
Oil prices surged Monday after attacks on Saudi Arabia’s Abqaiq processing plant and Khurais oil field Saturday suspended more than half the country’s oil production. While the ultimate impact will depend on a combination of the extent of damage, the U.S. and Saudi response, and whether further attacks occur, the current production decline will exacerbate the tightening in the oil market that was already underway and could add a more lasting geopolitical risk premium to prices.
What happened
The attacks halted production of 5.7 million barrels per day (b/d) of crude oil, 2 billion cubic