# Attack on Saudi leaves world without spare oil capacity | Reuters

> Following the attack on Saudi facilities, OPEC's global spare capacity cushion of about 3.21 million bpd was largely cut, with Saudi Arabia holding 2.27 million bpd of that. The remaining roughly 940,000 bpd is mostly held by Kuwait and the UAE, along with some in Iraq and Angola. Analysts said those barrels would not be enough to fill the gap.

- Date: 2019-09-16 · published 2019-09-16T12:00:00.000Z
- Category: geopolitics · region Middle East · magnitude high
- Page: https://feedsoft.ai/events/57004-attack-on-saudi-leaves-world-without-spare-oil-capacity-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

With little spare capacity left, any further supply disruption could send crude sharply higher, raising diesel, freight and fertilizer input costs. This raises the risk premium across energy-linked feed inputs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2019-09-15 | 1 | +7.1% | 4.6 | The loss of OPEC spare capacity left little buffer against the outage, supporting higher prices. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-03-25 | [Oil rises to over $120/bbl after attack on Saudi facilities \| Reuters](https://feedsoft.ai/events/9151-oil-rises-to-over-120-bbl-after-attack-on-saudi-facilities-reuters.md) | -11.6% | -9.7% |
| WTI | 2019-09-16 | [Oil prices leap as attack on Saudi facility disrupts output \| AP News](https://feedsoft.ai/events/6928-oil-prices-leap-as-attack-on-saudi-facility-disrupts-output-ap-news.md) | +5.8% | -0.1% |
| WTI | 2019-10-01 | [OPEC oil output sinks to lowest since 2011 after Saudi attacks: Reuters survey](https://feedsoft.ai/events/56738-opec-oil-output-sinks-to-lowest-since-2011-after-saudi-attacks-reuters-survey.md) | -2.5% | +2.9% |
| WTI | 2019-09-16 | [Attack On Saudi Oil Facilities Makes Oil Prices Spike : NPR](https://feedsoft.ai/events/6929-attack-on-saudi-oil-facilities-makes-oil-prices-spike-npr.md) | +5.8% | -0.1% |
| WTI | 2019-09-16 | [Oil Prices Log Historic Rally After Saudi Attack - WSJ](https://feedsoft.ai/events/5709-oil-prices-log-historic-rally-after-saudi-attack-wsj.md) | +5.8% | -0.1% |
| BRENT | 2022-03-25 | [Oil rises to over $120/bbl after attack on Saudi facilities \| Reuters](https://feedsoft.ai/events/9151-oil-rises-to-over-120-bbl-after-attack-on-saudi-facilities-reuters.md) | -11.4% | -12.8% |
| BRENT | 2019-09-16 | [Oil prices leap as attack on Saudi facility disrupts output \| AP News](https://feedsoft.ai/events/6928-oil-prices-leap-as-attack-on-saudi-facility-disrupts-output-ap-news.md) | +6.6% | -0.3% |
| BRENT | 2019-10-01 | [OPEC oil output sinks to lowest since 2011 after Saudi attacks: Reuters survey](https://feedsoft.ai/events/56738-opec-oil-output-sinks-to-lowest-since-2011-after-saudi-attacks-reuters-survey.md) | -3.3% | +0.2% |

## Sources

- reuters.com: https://www.reuters.com/article/economy/attack-on-saudi-leaves-world-without-spare-oil-capacity-idUSKBN1W106R/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.