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IEA: Oil supplies plentiful despite attacks

Global oil markets are well-supplied and companies have reserves to meet demand for more than a month despite attacks on Saudi Arabia oil production.

WASHINGTON (AN) — Global oil markets remain well-supplied and companies have enough reserves to meet world demand for more than a month despite attacks on Saudi Arabia’s oil production, the International Energy Agency said on Wednesday.

The Paris-based international organization reported that its 30 member nations and oil companies have plentiful reserves even after the Saudi kingdom lost half of its production capacity following attacks last Saturday by apparent drones and missiles on the processing facilities of its state-run oil giant Aramco in Abqaiq.

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