B · Normal
[Saudi Arabia seeks to expand its overseas oil reserve network to improve supply resilience] On October 22, Amin Nasser, CEO of Saudi Arabia’s national oil company Saudi Aramco, said that Saudi Arabia is negotiating with foreign governments and hopes to use these countries’ strategic oil reserve facilities to enhance the resilience of supply in the event of disruptions. The move comes after Yemen's Houthi rebels recently launched attacks on key Saudi infrastructure. Among them, a drone attack in September shut down Saudi Arabia’s most important oil pipeline for several days. Saudi authorities said separate attacks on Aramco's Shaybah oil field and Dammam airport on Wednesday killed two people each. Brent crude oil rose above $112 a barrel on Thursday as violent clashes heightened concerns about further disruptions to Saudi oil supplies.
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