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Saudi Aramco Facility Fire ‘Under Control’

A fire that broke out as a result of a Houthi missile strike on a Saudi Aramco oil storage facility in Jeddah earlier today is now under control, according to Saudi officials, with experts indicating that any potential damage to this domestic-use storage facility and distribution plant will have no impact on the Kingdom’s crude oil exports. 

According to media reports, a huge plume of smoke was seen above the oil facility after the attack, which was part of a larger barrage of missiles. 

“The Saudi Aramco facility on fire in Jeddah appears to be the company’s so-called ‘North Jeddah Bulk Point’ – that’s a storage and fuel distribution center for the Saudi ‘domestic’ refined products market and won’t affect export,” Javier Blas, energy and commodities columnist at Bloomberg, said on Twitter. 

In an official statement, the Saudi-led coalition on Yemen claimed that Saudi Arabia’s air defense forces destroyed seven drones and missiles launched by the Houthis. 

A Houthi spokesperson said that its comment about the attack would be issued in the coming hours.

As of the time of writing at 01:56 am EST, Brent crude rose at $119.12  with WTI Crude at $112.62.

The attack apparently took place near the Formula One circuit, which is gearing up for a race on Sunday. 

This strike is the second such strike launched by Yemen’s Iran-backed Houthi militia in the last five days on Aramco’s facilities in Saudi Arabia. The Houthis used missiles and drones to target at least six Aramco’s sites on Sunday, prompting Riyadh to state that it is not responsible for high oil prices and suggesting that OPEC has no intention of raising production beyond what has already been agreed to by the cartel. 

Earlier this week, the Saudis warned of an “escalation” targeting oil facilities, Bloomberg reported. On Monday, Aramco CEO Amin Nasser noted: “That type of escalation at a time when the market is really tight is a real concern for the world”. 

Saudi Aramco facilities were also subjected to a major attack by Houthis In September 2019, The targets at that time were the Abqaiq and Khurais oil facilities, with a capacity of more than 7 million barrels per day.

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By Damir Kaletovic for Oilprice.com

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