Name: Oil price could rise $10 per barrel after drone attack in Saudi Arabia
Uploaded: 2020-03-11T00:30:08.000Z
Duration: 2 min 21 s
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Modal verbs - B1

Many countries are bracing for impact as pundits say prices might spike up to $10 per barrel are Kim Morgan starts US off this morning with Saudi oil attack A game changer on global oil prices?

Past perfect

A spike in global oil prices seems to be inevitable in the aftermath of Saturday's drone attacks on Saudi Arabia's main oil processing plants, which had been accountable for some 5% of a global oil supply.

State run oil companies, Saudi Aramco has temporarily closest facilities, which many experts expect will cause a lack of supply, leading to higher global oil prices.

Saudi Arabia's Energy Minister Abdul Aziz bin Salman says the strikes will cut the kingdom's oil output by 5.7 million barrels a day. 00:00:58.770 --> 00:01:9.160  The results are expected to deal a big blow to many countries, including South Korea, Japan and China, which each import around four million barrels of Saudi crude oil on average every day. 00:01:9.530 --> 00:01:16.260  Global oil prices have recently been low, with Brent crude, the global benchmark closing at 60.22 U.

But some experts forecast a price to increase by $10 per barrel when markets open on Monday.

Officials said that Washington is ready to make use of its strategic petroleum reserve if needed to stabilize the global energy supply.

Speaking in an interview with Fox News on Sunday, White House adviser Kellyanne Conway said that the U.

Energy Department is prepared to tap into its emergency fuel reserves to cope with the situation.

Conway also did not rule out the possible meeting between the leaders of the U.

General Assembly this month, but still stressed that the attack did not help that prospect. 00:01:57.540 --> 00:02:5.290  Washington had blamed Iran for the attacks, but Iran denied the involvement, criticizing Washington for its quote blind and futile comments. 00:02:5.810 --> 00:02:17.090  Iraq, another country accused of involvement in the attacks by the media, also denied any link, stressing that it is constitutionally committed to preventing any use of its soil for attacks on its neighbors. 