Attacks on two Saudi Arabian oil plants last weekend could mean higher petrol prices here in Australia. But for how long?
The drone attacks, which damaged one of the world’s largest oil facilities, took about 6 per cent of the global supply of oil off the market. Oil prices jumped more than 14 per cent almost immediately, the biggest one-day spike in more than 30 years according to CBS News.
But changes at the pump aren’t expected to be severe. The faster the facilities return to production, the less of an impact you’ll see. Officials in Saudi Arabia said on Tuesday they think they can fully replace at least a third of that output level this week, according to the Wall Street Journal.
Full restoration of the facilities that were attacked is likely to take several weeks, and prices should return to normal soon after.