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    Environment and Energy

    SMU Energy Analysis: Saudi Attack Has Little Impact on Oil Price

    Written by Peter Wright


    Crude oil prices have returned to the levels prior to the attack on the Saudi Aramco Abqaiq crude oil processing facility on Sept. 14.

    The spot price of West Texas Intermediate (WTI) FOB Cushing, Okla., exceeded $60 per barrel for one day on Sept. 16 when it reached $63.10 before falling back to $52.76 on Oct. 7. That was the extent of the reaction to the attack on the Saudi oil fields. On Oct. 7, Brent was priced at $59.46 per barrel. The total number of operating rigs exploring for oil has declined by 227, or 17.5 percent, since the end of last year.

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