How do the Saudi attacks affect Nigeria?
production facilities at Abqaiq and Khurais in eastern Saudi Arabia on 14 September 2019. It is important to note that the Abqaiq facility is not a refinery or a petrochemicals plant, but is a crude separating facility where impurities like hydrogen sulphide are removed from the crude prior to export. The Iran-backed Houthi militia in neighbouring Yemen, have taken responsibility for the attack.
In the short termhowever, oil prices are likely to jump above $70 per barrel. Nigeria’s strategy of essentially accommodating theft of what amounts to almost 10% of daily official production numbers by the actors in the Niger Delta has guaranteed the unbroken flow of supply from the Nigerian oil fields in the delta. So the country stands to gain a bit if this holds.
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