Global Oil Supply at Risk as Tensions Escalate in the Middle East
Recent attacks on key oil infrastructure in Saudi Arabia spark concerns over global energy security and the potential for a profound economic shock.
The global economy is facing the prospect of another profound shock as tensions escalate in the Middle East, the source of 30 percent of the world's oil. Recent attacks on key oil infrastructure in Saudi Arabia have disrupted global energy supplies, raising concerns over the world's ability to weather an extended period of oil price volatility and supply uncertainty.
On Monday, firefighters were seen battling a blaze at the Ras Tanura oil refinery in Saudi Arabia, one of the largest refineries in the world. The attack, carried out by drone strikes, highlights the fragility of the global energy system and the vulnerability of critical infrastructure to asymmetric threats.
{{IMAGE_PLACEHOLDER}}Source: The New York Times
