Saudi attack boosts prices

April crude futures prices jumped above $63/bbl during trading Feb. 24 in the New York market after Saudi Arabian security forces foiled a suicide attack on the kingdom’s Abqaiq production and processing center.That heavily guarded facility in eastern Saudi Arabia processes two thirds of the country’s oil before it is exported. Guards fired on attackers in two cars bearing the Saudi Aramco logo as they tried to enter the facility, detonating the vehicles and killing the people inside (OGJ Online, Feb. 24, 2006). Officials later reported no damage to the facility and no disruption of operations.Abqaiq is the “most sensitive target of all” in the Persian Gulf, said P...

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