Global Fuel Prices Surge Following An Attack on Saudi Arabia

The world woke up to a drone strike on Saudi Arabia’s oil reserve, wiping out 5.7 million barrels, or 5 percent of global oil supply.

The attack has since been described as the worst sudden disruption to oil marketers around the world ever with the effects being felt in prices around the world.

Immediately the attack happened, oil prices surged the most on record, by 19 percent with the United States of America contemplating using its reserves to “stabilize the markets.”

Oil markets have registered fears that the prices might remain high even after Saudi Arabia assurances that the normal production would be back within days.

Saudi Arabia is the largest crude oil exporter in the world and the recent instability in the region threatens the world in terms of oil supply.

The drone attack completely damaged a key processing complex and one of Saudi Arabia’s marquee fields highlighting the vulnerabilities of the world’s largest exporter.

According to the Saudi military, Iran might have been involved in the attack after it was found that Iranian weapons were used during the attack.

Yemen’s Houthi rebels who have been at war with a Saudi-UAE-led coalition since 2015 have claimed responsibility for the attack warning of more attacks on oil facilities.

The United States, through US Secretary of State Mike Pompeo, have moved to accuse Iran as being behind the assault but did not provide any evidence for their claims.

Kenya recently joined the league of crude oil exporter for the first time in history, a move that has seen our leaders bragging all over in every political meeting. The move has, however, been described as ironic since Kenya imports 100 percent of her fuel products.

Basically, Kenya is exporting her crude oil so that she can import finished products from other countries. Ironically, Kenya is home to the largest oil refinery in both East and Central Africa in Changamwe, Mombasa which has since collapsed.

Here are the top 10 largest oil producers in the world:

1. The United States of America (USA)
2. Saudi Arabia
3. Russia
4. Canada
5. Iran
6. Iraq
7. UAE
8. China
9. Kuwait
10. Brazil