The Energy Information Administration(EIA)writes that a Sept.14 attack that damaged the Saudi Aramco Abqaiq oil processing facility and the Khurais oil field in eastern Saudi Arabia caused Brent and West Texas Intermediate(WTI)crude prices to experience their steepest single-day increase in a decade Sept.16.The Abqaiq facility is the world's largest crude oil processing and stabilization plant,with a capacity of 7 MMbbld,or about 7% of world oil output capacity.On Sept.17,Saudi Aramco reported that Abqaiq was producing 2 MMbbld and it expected output to be fully restored by the end of the month.In addition,the company said crude exports to customers would continue uninterrupted,enabled by drawing on existing inventories and additional production from other fields.Tanker loading estimates from third-party data sources indicate that loadings at two Saudi Arabian export terminals were restored to pre-attack levels.Likely driven by news of the expected return of the lost production,both Brent and WTI prices fell Sept.17.
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