Saudi Arabian Aramaco Oil Plant Attacked by Houthi Rebels Affects 5mbpd Production

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President Trump announced he has approved “the release of oil from the Strategic Petroleum Reserve, if needed, in a to-be-determined amount” after the series of drone attacks in Saudi Arabia impacted the country’s oil output, leading to a surge in global prices.

Trump said the U.S. has “reason to believe that we know” who is responsible for the attacks. His statements come just after Secretary of State Mike Pompeo blamed Iran for the attacks on Sunday. Pompeo cited the country’s support for Houthi rebels in Yemen, who claimed responsibility for the attack, and said the United States would “ensure that energy markets remain well supplied and Iran is held accountable for its aggression.”

Saudi Aramco has told some clients that vessel loading has resumed following disruptions caused by the weekend’s attacks on Saudi oil facilities, two sources who received the notice told Reuters on Monday. The state company’s Oil Supply Planning and Scheduling (OSPAS) department, citing the notice, said loading operations were in progress.

Three sources with major Asian refineries, including one of the two that have seen the port notice, told Reuters that their oil tanker loading was normal as of Monday.