Latest News Crude Oil prices surge nearly 20% after attack on Saudi facilities Updated BY Wilsoncommodity

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Prices came off their peaks after U.S. President Donald Trump authorized the use of his country’s emergency stockpile to ensure stable supply.

Saudi Arabia is the world’s biggest oil exporter and the attack on state-owned producer Saudi Aramco’s crude-processing facilities at Abqaiq and Khurais has cut output by 5.7 million barrels per day. The company has not given a timeline for the resumption of full output.

Two sources briefed on Aramco’s operations said a full return to normal production volumes “may take months”.

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