Sep 16, 2019

Podcast: The Saudi situation

Saturday's attacks in Saudi Arabia have resulted in the largest oil market disruption in history, and they raise questions of war, energy supply and the fate of the largest-ever IPO. Dan digs in with Axios' Ben Geman.

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As oil market recovers, Iran’s disruptions could continue

Illustration: Aïda Amer/Axios

Iran’s alleged attack on Saudi oil facilities was a dramatic escalation in its shadow war with the U.S. and a clear sign that Tehran’s previous strategy was not working.

The big picture: Since May, Iran has tried to counter U.S. sanctions by tormenting the oil market with small-scale attacks, such as placing mines on ships in the Persian Gulf. Its goal has been to drive oil prices higher and thus raise the costs of the U.S. “maximum pressure” strategy.

Go deeperArrowSep 20, 2019

U.S. to send troops to Saudi Arabia

Defense Secretary Mark Esper. Photo: Getty Images/Alex Wong

In a press conference Friday evening, U.S. Secretary of Defense Mark Esper announced the Pentagon will deploy U.S. forces to the Middle East in response to last Saturday's attacks against major oil processing and production sites in Saudi Arabia.

Why it matters: Both Secretary of State Mike Pompeo and the Saudis have blamed Iran for the attacks, though officials are still investigating. Iranian officials have warned the U.S. they are prepared to respond to any attack from the U.S. or Saudi Arabia, the Washington Post reports.

Go deeperArrowSep 20, 2019

Saudi Arabia says oil output to be restored by month's end

Saudi Energy Minister Prince Abdulaziz bin Salman. Photo: -/AFP/Getty Images

Saudi Arabia hopes to fully restore oil output curtailed by Saturday's attacks by the end of September and have already revived 50% of the lost production, the kingdom's energy minister said Tuesday, per multiple reports.

Why it matters: The comments by Prince Abdulaziz bin Salman — and an earlier Reuters report of the rough timeline — are putting downward pressure on oil prices, which had soared in the wake of the attacks against a major processing plant and oilfield.

Go deeperArrowSep 17, 2019