A recent release of US…
Projecting the oil price outlook…
The Houthi rebels in Yemen said today they had fired a missile against a target in the Saudi city of Jeddah and had hit it, Reuters reports, citing their statement.
The target was a distribution center property of Saudi Arabia’s state oil company Aramco. The group also warned that “operations will continue,” advising foreign companies and residents of Saudi Arabia to be cautious.
The report comes a week after Saudi Arabia said it had thwarted a Houthi attack on an oil products terminal near the border between the Kingdom and Yemen.
Saudi forces intercepted and destroyed on November 11 two unmanned boats carrying explosives to a floating offloading platform that belongs to an oil products terminal at the port city of Jizan in southwestern Saudi Arabia just north of the border with Yemen, the official Saudi Press Agency reported last Friday, quoting an official source at the Saudi Ministry of Energy.
The operation resulted in a limited fire on the platform’s floating hoses, which was soon extinguished and caused no injuries or fatalities, the Saudi agency said.
Related: Norway Opens New Arctic Oil Blocks For Exploration
“The Kingdom of Saudi Arabia strongly condemns the cowardly attack, adding that such criminal acts directed against vital facilities do not target the Kingdom alone, but they also target the security of oil exports, the stability of energy supplies to the world, the freedom of international trade, and the entire global economy,” the energy ministry source told the Saudi Press Agency.
Aramco infrastructure is a top target for the Houthi rebels, although not all reports of a successful attack turn out to be true. At the same time, the Saudi side also often claims to have foiled yet another attempt by the rebels to hit a target as the proxy war between Saudi Arabia and Iran in Yemen continues.
By far the most notorious attack was the one from September 2019, when the Iran-backed Houthis claimed responsibility for the missiles and drone strikes on a Saudi oil field and a processing plant that temporarily removed as many as 5.7 million bpd from the Kingdom’s oil production capacity and caused a spike in prices.
By Charles Kennedy
More Top Reads From Oilprice.com:
Charles is a writer for Oilprice.com