Real crunch from Saudi Arabia's oil outage has yet to be felt - Reuters:
Saudi Arabia’s ability to avert a global oil supply crunch will only become clear in a few weeks, because for now its crude held in storage can fill the gap and mask the scale of damage to its facilities, traders and analysts say.
Riyadh says production will be back to normal levels in two to three weeks, which means restoring output to about 10 million barrels per day (bpd), after Saturday’s attacks on two sites that usually process and clean up about 5.7 million bpd.
While it carries out repairs, the world’s biggest oil exporter has promised to keep the physical crude market supplied from its inventories held in the kingdom and abroad, estimated to have been about 180 million barrels in July.
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