Kuwait and saudi arabia

MANILA -- The Department of Energy said Monday it was "closely monitoring" the fallout from drone attacks on the center of Saudi Arabia's oil industry. Energy Secretary Alfonso Cusi said he convened an emergency meeting of the DOE and related agencies over the weekend to discuss the situation. "We are seeking to ensure that the energy family will be sufficiently prepared to face the potential impact of this unfortunate incident, if any, on the country," he said in a statement. "Rest assured that the DOE, together with the entire energy family, is closely monitoring the situation, and will keep the public properly informed of developments on the matter," he said. Attacks on Saudi facilities threaten spare oil capacity, price hikes Foreign Affairs Sec. Teodoro Locsin Jr earlier said the oil field attack could affect the Philippines "deeply" since it could choke supply and cause prices to rise. Saudi Arabia's 2.3 million barrels per day (bpd) of effective spare capacity in August … [Read more...] about Energy dept ‘closely monitoring’ fallout from Saudi attack

RIYADH - Saudi Arabia raced on Sunday to restart operations at oil plants hit by drone attacks which slashed its production by half, as Iran dismissed US claims it was behind the assault. The Tehran-backed Houthi rebels in neighboring Yemen, where a Saudi-led coalition is bogged down in a five-year war, have claimed Saturday's strikes on two plants owned by state giant Aramco. But United States Secretary of State Mike Pompeo pointed the finger squarely at Tehran, saying there was no evidence the "unprecedented attack on the world's energy supply" was launched from Yemen. "The United States will work with our partners and allies to ensure that energy markets remain well supplied and Iran is held accountable for its aggression," the top US diplomat added. That drew an angry response from Tehran, where foreign ministry spokesman Abbas Mousavi said: "Such fruitless and blind accusations and remarks are incomprehensible and meaningless." The remarks were designed to damage Iran's reputation … [Read more...] about Saudi races to restore oil supply after strike blamed on Iran

DUBAI: Saudi stocks plunged 2.3per cent as the market opened on Sunday, after attacks on two plants at the heart of the kingdom's oil industry a day earlier knocked out more than half of Saudi crude output.Sunday's decline extended a losing spree for Saudi stocks, which in recent weeks have been hit by expensive valuations, weak oil prices and concerns about the economic outlook.The drone attacks were carried out by Yemen's Houthi group, its military spokesman said on Al Masirah TV.The index has lost all its gains this year and is down about 18per cent from its 2019 high of 9,403 points seen in early May.On Sunday, the index was down 1.8per cent year-to-date.The index's earlier gains were fueled by Saudi Arabia's entry into the MSCI and FTSE Russell's emerging market indices."There is no real positive news on the horizon with the index inclusion story over," said Muhammad Faisal Potrik, head of research at Riyad Capital."The market was expensive versus the region and other emerging … [Read more...] about Saudi, Gulf stocks fall after attack on Aramco oil plants