U.S. President Donald Trump said the U.S. is "locked and loaded" after the attack on Saudi oil, and has "reason to believe that we know the culprit." Meanwhile, analysts are warning that if the price of oil stays at record highs it could further risk a global recession.
"Locked and loaded," that's the message from President Donald Trump - who said the U.S. was primed after weekend attacks on the world's largest oil-processing facility in Saudi Arabia.
Trump tweeted on Sunday (September 15) saying "There is reason to believe that we know the culprit." U.S. Secretary of State Mike Pompeo also took to Twitter, blaming Iran for the attack on state oil giant Aramco, instead of Yemen's Houthi rebels who have claimed responsibility.
So far, Iran has denied involvement in the strikes, which have wiped out five percent of global oil production.
But have warned they're ready for full-fledged war.
It's inflaming investor concerns about the state of US-Iran relations, and stability in the middle east.
Satellite images released on Sunday showed huge plumes of thick black smoke over the Saudi facility.
The attacks pushed oil prices to four month highs on Monday (September 16) amid concerns over global supply.
Brent crude posted its highest percentage gain in a single day of trading in nearly three decades.
Aramco has not given a timeline for when they'll fully recover from the attack.
And analysts are warning over the effects that could have in the coming weeks and months.
An oil price hike could impact the entire economic chain of big importers like China.
One analyst told Reuters a disruption in oil supply could bring dire consequences to the global economy, and increase the chances of a world-wide recession.
As tension between India and China persists along the Line of Actual Control (LAC) in Ladakh, top members of the Donald Trump administration arrived in India for the high-level 2+2 dialogue. US Secretaries of State and Defence, Mike Pompeo and Mark Esper, reached Delhi on October 26, 2020. The 2+2 talks have been scheduled between Pompeo, Esper and their Indian counterparts Subrahmanyam Jaishankar and Rajnath Singh, on October 27. After his arrival, Esper was accorded Guard of Honour at South Block before he held a meeting with Singh. Chiefs of Indian Army, Navy and Air Force, as well as Chief of Defence Staff General Bipin Rawat, were present at the meeting. Ahead of his trip, Pompeo had alluded to the China agenda on the table. Watch the full video for more.
Credit: HT Digital Content Duration: 02:41Published
The slump in demand for crude during the coronavirus pandemic has forced oil companies to contemplate the possibility that the fossil fuel market has peaked and the time for a global energy transition has come. But as Francis Maguire reports Saudi Aramco sees things differently.
Saudi Arabia's de facto ruler, Mohammed bin Salman, has enjoyed close ties, some would say a free pass, with Donald Trump in the White House. Joe Biden has promised that if he becomes U.S. president, that will change. Lucy Fielder reports.
The foreign minsters of Armenia And Azerbaijan are in Washington to meet with U.S. secretary of state Mike Pompeo over the ongoing fighting taking place over the disputed Nagorno-Karabakh region. Adam Reed reports.
US Secretary of State Michael Pompeo said that he is looking forward to the India-US 2+2 Ministerial Dialogue. “I am looking forward to our 2+2 Ministerial Dialogue with our Indian friends. It was postponed because of the virus. I'm glad that we will be able to execute that in person in just a few days," said Pompeo during a press briefing. He added, "I'm also sure that my meetings will also include discussions on how free nations can work together to thwart the threats posed by the Chinese Communist Party.” The Trump administration also hit Chinese media outlets in the US with new restrictions. “They are all substantially owned or controlled by a foreign government. We’re not placing any restrictions on what these outlets can publish in the United States. We simply want to ensure that American people, consumers of information, can differentiate between news written by a free press and propaganda distributed by the Chinese Communist Party itself. They are not the same thing,” he said.
Credit: HT Digital Content Duration: 02:58Published