Directional impact on forecast:
Bullish for oil prices
The attacks on facilities in Saudi Arabia’s oil heartland of Abqaiq and Khurais on 14 September are a testament to the fact that tensions in the Middle East are reaching boiling point. And the geopolitical turmoil will only get worse.
While the attacks will bring the reliability of Saudi oil exports under scrutiny, they also have the potential to deliver a supply shock to the global oil market and disrupt gas supplies to the kingdom’s domestic...