Attacks in Saudi Arabia rock oil market
https://www.ogj.com/general-interest/economics-markets/article/14039984/attacks-in-saudi-arabia-rock-oil-marketSep 16th, 2019
...Saudi officials said they expected to be able to restore 1.9 million b/d of production quickly but offered no prediction about when full operations might resume.
Supplemental supply can come from storage and spare production capacity outside Saudi Arabia.
The kingdom has about 130 million bbl of oil in storage....
...esides stock withdrawal, supplemental supply also can come from production capacity now idle, especially among other members of the Organization of Petroleum Exporting Countries. Eleven OPEC members participate in the agreement to limit production in effect since January 2017.
According to IEA, OPEC members with significant spare capacity are the UAE, 330,000 b/d; Kuwait, 290,000 b/d; and Angola, 150,000 b/d.
August production by Russia, the most important of 10 non-OPEC countries collaborating with OPEC on supply restraint, was, at 11.6 million b/d, nearly 200,000 b/d below a recent high point recorded in October 2018....