Crude Oil Prices Surge Past $70 Per Barrel Mark After Drone Attack On Saudi Oil Facility

Following a drone attack on one of Saudi Arabia's oil facilities in the country's Gulf coast, the crude oil's prices surged past the $70 mark, extending the jump in the prices after the OPEC+ group's decision from last week to continue production cuts in the coming month of April, reports Livemint.

The development gains significance as the crude oil prices have already rallied by more than 35 per cent this year. Investment banking firm Goldman Sachs has forecasted that the prices could further rally and top the $80 per barrel mark in the third quarter.

The Kingdom of Saudi Arabia has said that a storage tank in the Ras Tanura export terminal in the country’s Gulf coast was attacked on Sunday (7 March) by a drone from the sea.

However, it should be noted that output appeared to be unaffected after the barrage of missiles and drones were intercepted.

Earlier in September 2019 also, Several Saudi oil installations including a key processing facility and two oil fields had come under attack, resulting in cutting of oil production for several days and sending the crude oil prices northwards.