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September 16: Oil prices have surged drastically in the global market in the wake of Saturday’s attacks on Saudi Arabian oil facilities, international media reported Monday. The drone attacks have halted 5 percent of the global oil supply.
According to Reuters, oil prices surged with Brent crude posting its biggest intra-day percentage gain since the Gulf War in 1991.
Reuters further reported that the prices came off their peaks after US President Donald Trump authorized the use of the country’s emergency stockpile to ensure stable supply.
Brent crude futures, the international benchmark, rose by as much as 19.5 percent to US$71.95 per barrel, the biggest intra-day jump since January 14, 1991. The price of Brent crude futures was US$66.31 before the sudden rise. The price increased by US$6.09, or 10.1 percent from its previous close.
According to media reports, Saudi Arabia is the world’s biggest oil exporter and the attack on state-owned oil production facility has cut the output by 5.7 million barrels per day.
A Yemeni group has claimed the responsibility for the attacks but the US has accused the involvement of Iran behind the attacks.
Implication of the attacks on the prices of oil in Nepal, which receives its stock from the Indian Oil Corporation, is currently not known. Nepal Oil Corporation’s Spokespoerson Birendra Goit did not respond to the queries from New Business Age.
The government had reduced the price of petroleum products in Nepal only a few days ago after inaugurating the Motihari-Amlekhgunj Petroleum Pipeline. Nepal reviews the prices of petroleum products based on the price in the international market.
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'summary' => 'September 16: Oil prices have surged drastically in the global market in the wake of Saturday’s attacks on Saudi Arabian oil facilities, international media reported Monday. ',
'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">September 16: Oil prices have surged drastically in the global market in the wake of Saturday’s attacks on Saudi Arabian oil facilities, international media reported Monday. The drone attacks have halted 5 percent of the global oil supply.</span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">According to Reuters, oil prices surged with Brent crude posting its biggest intra-day percentage gain since the Gulf War in 1991.</span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Reuters further reported that the prices came off their peaks after US President Donald Trump authorized the use of the country’s emergency stockpile to ensure stable supply.</span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Brent crude futures, the international benchmark, rose by as much as 19.5 percent to US$71.95 per barrel, the biggest intra-day jump since January 14, 1991. The price of Brent crude futures was US$66.31 before the sudden rise. The price increased by US$6.09, or 10.1 percent from its previous close.</span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">According to media reports, Saudi Arabia is the world’s biggest oil exporter and the attack on state-owned oil production facility has cut the output by 5.7 million barrels per day. </span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">A Yemeni group has claimed the responsibility for the attacks but the US has accused the involvement of Iran behind the attacks. </span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Implication of the attacks on the prices of oil in Nepal, which receives its stock from the Indian Oil Corporation, is currently not known. Nepal Oil Corporation’s Spokespoerson Birendra Goit did not respond to the queries from New Business Age.</span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">The government had reduced the price of petroleum products in Nepal only a few days ago after inaugurating the Motihari-Amlekhgunj Petroleum Pipeline. Nepal reviews the prices of petroleum products based on the price in the international market. </span></span></span></p>
<p> </p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Reuters further reported that the prices came off their peaks after US President Donald Trump authorized the use of the country’s emergency stockpile to ensure stable supply.</span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Brent crude futures, the international benchmark, rose by as much as 19.5 percent to US$71.95 per barrel, the biggest intra-day jump since January 14, 1991. The price of Brent crude futures was US$66.31 before the sudden rise. The price increased by US$6.09, or 10.1 percent from its previous close.</span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">According to media reports, Saudi Arabia is the world’s biggest oil exporter and the attack on state-owned oil production facility has cut the output by 5.7 million barrels per day. </span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">A Yemeni group has claimed the responsibility for the attacks but the US has accused the involvement of Iran behind the attacks. </span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">Implication of the attacks on the prices of oil in Nepal, which receives its stock from the Indian Oil Corporation, is currently not known. Nepal Oil Corporation’s Spokespoerson Birendra Goit did not respond to the queries from New Business Age.</span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt">The government had reduced the price of petroleum products in Nepal only a few days ago after inaugurating the Motihari-Amlekhgunj Petroleum Pipeline. Nepal reviews the prices of petroleum products based on the price in the international market. </span></span></span></p>
<p> </p>
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