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Oil Market Loses Its Bullish Edge

Oil Market Loses Its Bullish Edge

Bullish sentiment has dominated oil…

Aramco Says All Saudi Oil Facilities Safe After Report Of Yemen Missile

Aramco oil infrastructure

All oil and gas facilities, plants, and refineries in Saudi Arabia are operating normally, the state oil giant Saudi Aramco said on Thursday, after the Yemeni Houthi movement said earlier today that it had fired a ballistic missile targeting Aramco in the southern Saudi province of Najran.

According to a news agency controlled by the Houthi rebels, they fired a short-range ballistic missile aimed at Saudi Aramco in Najran. The report by the rebel website didn’t offer details about the installation they were targeting.

According to Aramco’s website, the Saudi oil giant has a loading facility in Najran, which is close to the border with Yemen.

Aramco didn’t mention the report of the missile in the statement in which it said that all its facilities in Saudi Arabia are safe, Bloomberg notes.

The Houthi Shiite rebel group is aligned with Iran and is fighting a Saudi-led coalition in Yemen. In February 2015, the Houthi rebels forced President Abd-Rabbu Mansour Hadi to flee to Saudi Arabia, Yemen’s neighbor to the north.

Since March 2015, the Houthi rebels and loyalists to Hadi have been fighting a civil war in Yemen and forces in the Saudi-led Arab coalition are trying to restore Hadi to power.

Houthi rebels have fired or claimed to have fired many missiles on Saudi Arabia since then, but they have caused little damage, and many of those missiles have been intercepted by the Saudi military.

At the end of last year, the Houthis threatened that they would start attacking oil tankers and warships sailing under enemy flag if the Gulf coalition fighting it in the country does not reopen its ports.

Yemen lies along one of the main global oil chokepoints in the Red Sea. Millions of barrels of crude oil pass Yemeni shores from the Suez Canal en route to Europe every day.

By Tsvetana Paraskova for Oilprice.com

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