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The international response to an apparent Iranian attack on Saudi Arabia’s oil fields urged caution and a careful investigation before assigning blame for the strike or taking retaliatory action. Many of these responses suggested the world’s oil supply is robust enough to absorb the loss of Saudi production without major economic disruptions.
President Donald Trump’s response to the attack on the Kingdom of Saudi Arabia indicated “there is reason to believe that we know the culprit” but the United States is “waiting to hear from the Kingdom as to who they believe was the cause of the attack, and under what terms we should proceed.”
Monday - Trump - America - Allies - Region
On Monday, Trump pledged to help America’s allies in the region even though “we don’t need Middle Eastern oil and gas, and in fact have very few tankers there.”
Energy Secretary Rick Perry echoed the president’s assessment of the modest impact on America’s oil supply, while flatly accusing Iran of perpetrating the attack. “Despite Iran’s malign efforts we are very confident that the market is resilient and will respond positively,” Perry told the annual meeting of the International Atomic Energy Agency (IAEA).
United - States - Iran - Attack - Saudi
“The United States wholeheartedly condemns Iran’s attack on Saudi Arabia and we call on other nations to do the same. This behaviour is unacceptable. It’s unacceptable and they must be held responsible. Make no mistake about it. This was an attack on the global economy and the global energy market,” Perry told the IAEA.
Russian Energy Minister Alexander Novak agreed that “the world has enough commercial stockpiles to cover the shortage” for the time being.
Novak - Reporters - Moscow - Russia - Production
Novak told reporters in Moscow that Russia intends to abide by production caps established during the Organization of Petroleum Exporting Countries’ (OPEC) effort to shore up prices during years of abundant supply, while the Kremlin indicated Russia will wait to see if...
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