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Saudi Resumes Full Crude Oil Production End Of September After Weekend Attack

Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman has said that more than half of the country’s daily crude oil production that was knocked out by a weekend attack had been restored and that full production is expected by the end of this month, September.

Prince Abdulaziz said that production capacity would be up to 11 million barrels per day by the end of September.

His briefing to reporters was highly anticipated around the world, with oil prices spiking more than 14% on Monday on the first day of trading after the attacks on Saudi Arabia. It was the biggest single-day jump in years due to the damaging attack.
“Where would you find a company in this whole world that went through such a devastating attack and came out like a phoenix?” Prince Abdulaziz bin Salman said about the state-owned Saudi Aramco, which was the target of the attacks.
The state-run company’s ability to quickly recover from an attack of this magnitude on its most important processing facility highlights not only its resilience, but its importance as the Kingdom’s crown jewel.
The attack early Saturday struck a Saudi oil field and the world’s largest crude oil processing plant in the Kingdom’s eastern region, taking out 5.7 million barrels of crude oil production per day for the Kingdom, or about 5% of the world’s daily production.
Following reports of how quickly the Kingdom could restore production, oil prices fell on Tuesday. Brent, the international benchmark, was down 6% to $64.89 a barrel. US oil was down 5.4% to $59.50.
The attack also took out 2 billion cubic feet of daily gas production. Aramco, the Saudi oil company targeted, said no workers were wounded in the attack.
Saudi Arabia invited the UN and other international experts to help investigate, saying the Kingdom is looking for an internationally backed response to the attack.
Saudi Arabia also called on the international community “to shoulder its responsibility in condemning the perpetrators” and “clearly confronting” those behind the attack.
The Iranian-allied Houthi militias in Yemen claimed responsibility.
Saudi Arabia stressed however, that the attack did not come from Yemen and said initial investigations show Iranian weapons were used. The Kingdom, though, has not yet said where the attack was launched from or what kind of weapons were involved.
The US has made similar accusations. A US official told Reuters Tuesday that the attack originated from southwestern Iran.
Trump declared Monday it “looks” like Iran was behind the attack on the Saudi oil facilities. But he stressed that military retaliation was not yet on the table.
The attack was the among the most serious escalations in tensions in the Gulf in recent months. The crisis stems from President Donald Trump’s decision to pull the US out of the 2015 nuclear deal between Iran and world powers. He also re-imposed and escalated sanctions on Iran that sent the country’s economy into freefall, including targeting its oil exports.

26 Year Old Youth Corps Member Makes Kwara Governor’s Commissioners List

Kwara State Governor AbdulRahman AbdulRazaq has nominated 26-year-old Joana Nnazua Kolo to the State House of Assembly for approval as commissioner.

Kolo, currently undergoing the one-year compulsory National Youth Service Corps (NYSC) in Jigawa State, is one of the four women whose names were sent and were read at the Kwara State House of Assembly on Tuesday.

Other women nominated are Sa’adatu Modibbo-Kawu; Arinola Fatimoh Lawal and Aisha Ahman Pategi.

Kolo, the youngest commissioner-nominee in the state’s history, is a 2018 graduate of Library Science from the Kwara State University (KWASU). She is teaching at Model Boarding Junior Secondary School Guri as her NYSC primary assignment.

Her screening for the cabinet seat would hold after she rounds off her NYSC service in the next two weeks.

If confirmed, she would be Nigeria’s youngest commissioner, taking over from 27-year-old Oluwaseun Fakorede, Oyo State’s Commissioner for Youths and Sport.

Enemies Are Desperate To Plant Seeds Of Discord In Presidency – Osinbajo’s Media Aide

Senior special assistant to the President on media and publicity, Vice President Osinbajo’s office, Mr. Laolu Akande has lamented that enemies are now out to plant seeds of discord in the Presidency, while attempting to create unnecessary national hysteria.
Laolu Akande, in a statement today, September 17, reacting to what he called “sensational report by The Cable” described such report as misleading.

He said that the report which suggested that agencies under the supervision of the Vice President do not normally comply with established rules where presidential approvals are required was a figment of the imagination of the reporter.

“The agencies in question are established by law and the Vice President has always insisted on due compliance with the enabling statutes and other established regulations.
“Depending on the particular scope of activity in question, agencies may require management approval only, at the level of the Director-General or Chief Executive Officer. In this category falls the great majority of their day-to-day activities.
“However, other activities, or procurements, with value exceeding a certain threshold, require Board approval. These may get to the agency Board chaired by the Vice President. In a few cases where Presidential approval is required, the Director-General must seek such approval from the President, through the Vice President. These rules have always guided the activities of statutory agencies and the ones under the Vice President’s supervision have always been so guided.
“To claim that in the first term of the Buhari administration, agencies of government have not been complying with the provisions (of getting final approvals from the President) is false, and the attempt to suggest the Vice President’s complicity in such irregularities is simply mischievous and reprehensible.
“The effective and mutually respecting relationship between the President and the Vice President is well known to Nigerians and it is futile to insinuate otherwise.
“Even though the Vice President has a statutory role as Board Chairman of some government agencies under his office, with appropriate approval limits, which often do not include contract approvals; it is ludicrous to even insinuate that a Board Chairman approves contracts.
“Evidently, the Federal Executive Council, which oversees Federal Ministries and agencies of government, is chaired by the President, and it is in its purview to approve or ratify award of contracts within the prescribed threshold.
“The Vice President remains committed to the service of his fatherland and will continue to do so despite the purveyors of fake news. We urge media organizations, as gatekeepers, to uphold truth, balance, fairness and objectivity in their reports.”

CBN Reduces, Unbundles Charges On Electronic Merchants Collections

To promote a cashless economy and enhance the collection of applicable government revenues, the Central Bank of Nigeria (CBN) has announced a review of the process for merchant settlement.

A statement today, September 17, by the Director, Payments System Management Department at the apex bank, Sam Okojere, said that with effect from today, September 17, the CBN has approved for banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual transactions as stipulated by regulations.

The statement also announced a downward review of the Merchant Service Charge (MSC) from 0.75% capped at N1,200 to 0.50% capped at N1,000.

And in a circular to all deposit money bank (DMBs), the apex bank announced the commencement of charges on deposits in addition to already existing charges on withdrawals.

According to the circular, the charges, which take effect from tomorrow, September 18, will attract 3% processing fees for withdrawals and 2% processing fees for lodgments of amounts above N500,000 for individual accounts.

Similarly, corporate accounts will attract 5% processing fees for withdrawals and 3% processing fee for lodgments of amounts above N3,000,000.

The statement, however, disclosed that the charge on deposits shall apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States as well as the Federal Capital Territory.

It added that the implementation of the cashless policy would take effect from March 31, 2020.

Buhari Sacks Okoi Obono-Obla, Dissolves Special Presidential Panel

Chief Okoi Obono-Obla

President Muhammadu Buhari has sent Okoi Obono-Obla packing as he dissolved the Special Presidential Investigation Panel for the Recovery of Public Property (SPIP) which he chaired.

A statement by the special adviser to the President on media and publicity, Femi Adesina said today, September 17 that the Attorney-General of the Federation and Minister of Justice has been directed to immediately take over all outstanding investigations and other activities of the SPIP.

The statement said that President Buhari thanked all members of the dissolved panel for their services even as he looked forward to receiving the final Independent Corrupt Practices and other related offences Commission (ICPC) report on the ongoing investigations of the dissolved panel’s Chairman.

The panel was established in August 2017 by the then Acting President, Professor Yemi Osinbajo to investigate specifically mandated cases of corruption, abuse of office and similar offences by public officers.

NNPC Boss Settles 2 Year Old Feud Between Shell And Belema Community

Mele Kyari

The Group Managing Director of the Nigeria National Petroleum Corporation, Malam Mele Kyari has intervened and settled the two year old rift between Shell Petroleum Development Company (SPDC) and Belema community in Niger Delta region of Nigeria.

The highlight of the settlement, according to information reaching us was that representatives of Shell and Belema shook hands and embraced one another in the presence of Malam Mele Kyari and the nation’s minister of State for petroleum, Timipre Sylva.

As at October 2018, the Pan Niger Delta Elders Forum (PANDEF), alleged forceful invasion of Belema flow station and gas plant by security operatives on alleged orders of Shell, to forcefully resume oil exploration on the facility.

Two months earlier, the host communities of OML 25, otherwise known as the Belema field, had shut down the Belema flow station and continue to occupy it over some issues and differences with SPDC bordering on neglect and underdevelopment of the community by the oil firm.

Source: PerSecond News.

Nigeria, Xenophobia And Ramaphosa’s Apology, By Reuben Abati

We are told that South Africa’s President Cyril Ramaphosa apologised on Saturday for the xenophobic attacks against foreigners living in South Africa, particularly persons involved in business who are seen by the ordinary South African as enemies. He reportedly did this in Harare, Zimbabwe, at the funeral ceremony of former President Robert Mugabe of Zimbabwe. Most appropriately, the South African President was booed. He was offering too little too late, and other Africans have every reason to think that South Africans having behaved badly deserve to be booed and even shut out of the African Union, or reported to the International Criminal Court (ICC), as has been recommended in certain quarters. More than a week after the attack on foreigners on the streets of Johannesburg and elsewhere, it has now occurred to the South African President to send envoys to Nigeria and six other African countries. Jeff Radebe, South Africa’s Minister of Energy has visited Abuja to apologise to the government and people of Nigeria.

It may be in keeping with diplomatic traditions to do this, but Africans in unison must make it clear that the hate-driven attack on immigrants in South Africa is totally unacceptable. What we know is that there is a tacit acceptance and promotion of a culture of hate by the South African authorities. That is precisely why it took so long for the South African President to take the matter seriously. Before now, South African Minister of Foreign Affairs Grace Naledi Pandor told the world that Nigerians in South Africa are criminals, drug dealers and human traffickers. Deputy Police Minister Bongani Mkongi said no other country would tolerate 80% of its businesses being dominated by foreigners as is the case in South Africa. South African Defence Minister Nosiviwe Mapisa-Nqakula boasted, irresponsibly, that there is nothing South Africa can do about the xenophobic attacks because South Africa is an angry nation.

These were the disturbing messages that came out of South Africa as immigrants were attacked, their shops were pillaged and plundered and Africans from other parts of the continent fled in all directions. Rwanda, Nigeria, Zambia, Madagascar, Democratic Republic of Congo – government and nationals – expressed their anger in various forms but South Africa was studiously in denial. The only voices of reason in the midst of that crisis, as far as I could see, were Julius Malema of the Economic Freedom Fighters who condemned the deplorable conduct of South Africans; Mangozuthu Buthelezi, the Zulu Chief who gave a useful speech in which he reminded his compatriots of the sacrifice made by other Africans to free the black South African from apartheid. Then, of course, there is the testimony by many South African women, on social media – bold women who rose in defence of Nigerian men, who have been accused in this xenophobic crisis that they are taking over South African businesses and also marrying South African women to the discomfiture of the average South African male.

Xenophobic attacks in South Africa have been so regular and so persistent since 1994, after apartheid. Objection to white rule and domination has been replaced by resistance to the presence of immigrants on South African soil, and this has played out as black on black violence, the hegemony of hate and intolerance, a kind of reverse, umbilical apartheid with the immigrant as victim. The matter is serious. It is disturbing. It is unacceptable. President Cyril Ramaphosa’s apology does not solve the problem. His decision to send envoys across Africa is belated. Is he sincere? I don’t think so. Has he shown required leadership and sincerity of purpose. No.  The South African authorities have a responsibility to protect foreigners on their soil. They have failed woefully. Accusations of xenophobia may be difficult to accept, and indeed embarrassing, and hence all that talk about criminality coming from South African officials, but the truth is that South Africa must see this crisis as an opportunity for reflection, review and penitence, and to ensure that these xenophobic attacks do not happen again.

President Ramaphosa’s apology can only make sense if he goes further to take concrete steps to put an end to the growing culture of hate in South Africa. He must match his apology with action. What programme(s) does he intend to put in place to heal a South African nation whose people appear so alienated, confused and disturbed? Are there any concrete ideas on the table to address an issue that goes straight to the heart of South Africa’s relevance, and may be Ramaphosa’s eventual legacy? I doubt if there are any. It seems to me that the big problem is not necessarily the outsider but the failure of the post-apartheid African National Congress (ANC) leadership in South Africa and the emergent black middle class. The apartheid regime was constructed to dehumanise, de-personalize, and violate the black South African.  The end of apartheid in 1994 has not made much difference. The emergence in power of a black-dominated African National Congress, the ruling party, after apartheid may have given the impression of a power shift, but in real terms, the black South African has not yet seen the dividends of a post-apartheid South Africa. In the last general elections, the African National Congress (ANC) recorded its worst performance since 1994. The party is divided. It is led by corrupt people who cannot agree on ethical standards either within the party or outside of it. Unemployment rate is over 28%. The people who have benefitted from the end of apartheid represent a very small percentage of the black population. Many black and colored South Africans live under conditions worse than what they faced under apartheid. Nelson Mandela, the first post-apartheid President of South Africa was a universal icon who gave everyone hope. He talked about a rainbow nation and preached unity and reconciliation. Years after Mandela’s death, the average South African can no longer see the rainbow clearly. Most of the young people wielding pangas and sticks and burning down shops belonging to foreigners do not have a sense of history. Many of them were born after the Mandela era. Their hate is borne out of sheer ignorance. Those who know the history have refused to teach them. They just do not know that once upon a time in that same South Africa, a black man was the equivalent of nothing.

The first task before Cyril Ramaphosa is to build a truly rainbow nation on a foundation of unity, reason, justice and service delivery. He needs to do this because the inheritors of Mandela’s legacy are clearly running South Africa aground and giving a bad name to the black man in Africa. This is the original source of the bad conduct of those South Africans who are killing their fellow Africans. They are busy blaming outsiders for the problems that have been created by their own leaders who don’t even have the decency to say the right things and who utter nonsense habitually. They have more or less disappointed the Madiba, with perhaps the only exception of Thabo Mbeki, whose Pan-Africanism contrasts sharply with the insularity and clownishness that we have witnessed from Jacob Zuma to Ramaphosa.

South African blacks are complaining that foreigners are taking their jobs and women because post-apartheid, no sustainable, productive effort has been made to enlarge the black middle class in South Africa. Social mobility remains a problem. Educational standards for blacks have not improved significantly. The few who have crossed the social mobility line are selfish. They have imposed on their own kinsmen such terror and wickedness worse than that of the white architects of apartheid.  Those young South Africans venting their anger on Africans and other immigrants in their country are nonethe4less picking on the wrong target. Their problem is not the man from Mozambique, Zambia, Tanzania, India, Italy, Rwanda, Nigeria, Uganda, Angola, or Democratic Republic of Congo, let them look for their enemies in the South African parliament, the Presidency and government departments across the country. Those are the real enemies of South Africa not the Mozambican who runs a corner shop in the suburb of Johannesburg; not the Nigerian who believes that a South African woman is the sweetest thing since the apple in the Garden of Eden.

Apologies alone will not be enough. The South African government must embark on a national healing process. The Black South African is not done yet with the anger or the pains of apartheid, and the slowness of post-apartheid recovery. When he finishes chasing the outsider away, he will turn his gaze and anger on his own compatriots, and the Mandela legacy would have been ruined. President Ramaphosa must take South Africa through a new process of healing and reconciliation, South Africa needs an anger-management programme for its citizens on a very large scale. It is bad enough for an individual to slip into depression; it is worse for an entire country to be depressed. South Africa is in the grips of an obvious clinical depression. History may well help. The young South African who is attacking foreigners needs to be taught the history of his own country and present reality. South Africa is a free country today because liberals and progressives across the world stood up to condemn the evil of apartheid: a system that treated the black South African as a non-person on his own soil. The black man in South Africa today can go to a mall, sit in the same bus with a white person, inter-marry freely, in fact feel like a human being because other Africans supported the liberation heroes of South Africa. Here in Nigeria, civil servants had to surrender part of their salaries to support the anti-apartheid struggle. Many musicians: Fela, Bongos Ikwue, Sonny Okosun, Majek Fashek, Onyeka Onwenu, the Mandators, Ayinla Kollington, Sunny Ade waxed records to condemn the dehumanization of the black man in South Africa. Ghanaians, Zimbabweans, Ugandans decried the maltreatment of our brothers and sisters in South Africa. Today, the same South Africans whose parents and grandparents were saved from the clutches of white oppression are proving to be a generation of ingrates. History saves a nation. South Africa must teach its young population the history of their country.

President Cyril Ramaphosa should not just send envoys to other African countries.  He should personally embark on a diplomatic shuttle across Africa.  He should also have a national address devoted to the challenge of xenophobia. He must resist the push by the hawks within his own administration who nurse xenophobic ideas and who in particular convert their sentiments to state policy. His Minister of Foreign Affairs, the Defence Minister, and Deputy Minister of Police should be fired. They may be good people ordinarily, but they have proven to be very bad diplomats and spokespersons. Ramaphosa must make it clear that these persons do not speak on this subject for either the government or the people of South On Monday, September 16, President Cyril Ramaphosa is said to have sent Jeff Radebe, Minister of Energy to apologise to his brother, President Muhammadu Buhari for the attack on Nigerians in South Africa. Radebe reportedly told President Buhari that 50 suspects have so far been apprehended and that the South African government will not tolerate xenophobia. Radebe is a very experienced politician. I have no doubts that he would manage to convince President Buhari.  But as he returns to South Africa, after what is clearly a reciprocal exchange of special envoys, President Buhari must tell him that the matter between Nigerians and South Africans is now beyond the Presidential Villas in Abuja and Pretoria. This is one mismanaged case in which international relations has gone from official corridors to the streets. Mr. Radebe should also tell President Ramaphosa not to listen to those advisers who believe that Nigeria is over-reacting.  The only solution is that no Nigerian or Nigerian business should ever be harassed or attacked again in South Africa. It is within South Africa’s rights to determine and enforce its immigration laws but if any foreigner manages to set up home or shop in South Africa, then the country itself has an international responsibility to protect all persons within its territory. President Ramaphosa and his team must take that duty seriously.

I should end this commentary by commending the outflow, in fact the overflow, of patriotism by Nigerians over the attack on Nigerians in South Africa. This is not the first time the attacks would happen. There were cases of xenophobia in South Africa in 1994, 2008, 2015, and now 2019, but this time Nigerians have set aside political differences, and ethnic and class sentiments and insisted that an attack on one Nigerian is an attack on all Nigerians. If the Nigerian government had declared war and called out volunteers, there would have been a ready army of citizens ready to fight the South Africans. Nigerians don’t always praise their governments. But there seems to be a consensus of opinion that President Muhammadu, Nigeria’s Ministry of Foreign Affairs and Nigeria’s Diaspora Commission got it right this time by making it clear that every Nigerian life matters, including the lives of those Naledi Pandor and her likes regard as criminals. The hero in all of this melodrama, however, is Allen Onyema, the CEO of Air Peace, a Nigerian airline, which provided aircraft to evacuate Nigerians, free of charge from South Africa. He deserves a Presidential handshake and a national honour.

Buhari Gives Commission Marching Order To Get Police Working

President Buhari with L-R: Mr Austin Braimoh, Chairman Police Commission Alh. Musiliu Smith IGP (Rtd), Justice Clara Ogunbiyi, AIG Lawal Bawa (Rtd) and Barr. Rommy Mom as he receives Annual Report of Police Service Commission in State House on 17th Sep 2019

President Muhammadu Buhari has challenged members of the Police Service Commission to redouble their efforts in ensuring that the Nigeria Police Force delivers on its responsibilities.

Speaking today, September 17 while receiving the 2018 Annual Report of the Commission at the Presidential Villa, Abuja, President Buhari said: “the Commission has the most challenging responsibility of carrying out oversight responsibilities of the Police Force.

“The people that comprise this commission are mostly personally known to me and some of them have been through the mill as it were, therefore I expect them to put the Police in order.  I personally believe that the Inspector General is doing his best …the Police are always in the frontline and unless we get the police working effectively, the security of this country will remain in doubt.”

He said that, by the mandate of the Commission, the task of appointment, promotion and disciplinary control of officers of the Nigerian Police Force, except the Inspector General, fall under it.

“Your assignment is enormous and calls for sacrifice and commitment especially now that almost every country is faced with severe internal security challenges. Nigeria is no exception,” President Buhari added.

The President praised the Commission for new ideas introduced into the workings of the Force: “I am aware that you have put policies in place to reposition the Police Force in the areas of merit-driven promotion and prompt disciplinary actions. Government will require that you redouble your efforts and ensure that the Police Force receives the required assistance for optimum service delivery.

He called on the Commission to ensure harmonious working relationship with the Police Force.

“I wish to see close communication and understanding between you and the Nigeria Police. This is necessary for the overall efficiency and effectiveness in securing the country,” said the President.

Earlier in his address, Alhaji Musiliu Smith, the Chairman of the  Commission who led other members to State House, had intimated the President that, in line with his (President’s) specific directives,  the management  was gradually putting together a productive Nigeria Police Force, which will attract the endorsement of all Nigerians and also receive the acclaim of the policemen themselves.

He requested for the intervention of the President in overcoming the funding constrains of the Commission as well as securing better office accommodation.

Budget Minister Happy With UNDP’s Move To Rebuild Boko Haram Devastated Northeast

Minister of State for Budget and National Planning, Prince Clem Ikanade Agba, has commended the United Nations Development Programme (UNDP) on its commitment to the rebuilding of the three most-affected Boko Haram States of Adamawa, Borno and Yobe in the Northeast.

UNDP’s Resident Representative in Nigeria, Mohammed Yahya, had told the Minister during a courtesy visit to the Ministry in Abuja that there was a stabilization facility to take care of the affected states in the areas of infrastructure development including roads, houses, clinics and police stations, among others.

Yahya said that the UNDP had already resource mobilized $64 million for the region in a period of eighteen months with 50 percent coming to Nigeria.

“The Stabilization facility is a by-product of the Regional Stabilization Strategy adopted last year with approval for Nigeria as the largest contributor.

“We were able to launch it in Berlin where your predecessor, former Minister of State, Mrs Zainab Ahmed, represented Nigeria and committed that Nigeria would support the implementation of the facility in the country.”

He said that the effort through the stabilization facility was to convince the community that governments at the federal and state levels were very much interested in ensuring their development and moving them from the concept of crisis to getting the entire region back on its footing.

“So, we hope to show our commitment to Nigeria and see how Nigeria herself is able to contribute to the budget of the programme.”

The minister expressed appreciation to the UNDP on the stabilisation facility and stressed the need to bring back the broken down infrastructure in the three states.

“That will bring a lot of succor to our people; give them meaning to life and a new hope.  We will work with you to ensure that those projects come in very quickly.”

He said that the Ministry would be interested in how the UNDP could deploy technology and capacity building in assisting it to develop the new national development plan that would succeed the Economic Recovery and Growth Plan (ERGP) in 2021. The ERGP will come to an end in December 2020.

US Fingers Iran In Sunday Attacks On Saudi Arabian Oil Facilities

The United States of America has fingered Iran in the fiery Sunday attack on key Saudi Arabian oil facilities that raised new war worries and sent energy prices spiraling worldwide.

American officials released satellite images of the damage at the heart of the kingdom’s crucial Abqaiq oil processing plant and a key oil field, alleging the pattern of destruction suggested Sunday’s attack came from either Iraq or Iran  rather than Yemen, as claimed by Iranian-backed Houthi rebels there.

A Saudi military spokesman later made the same accusation, alleging: “Iranian weapons” had been used in the assault.

Iran rejected the allegations, and a government spokesman said there was “absolutely no chance” of a hoped-for meeting between Iranian President Hassan Rouhani and Trump at the UN General Assembly next week.

For his part, Trump sent mixed signals, saying his “locked and loaded” government waited for Saudi confirmation of Iran being behind the attack while later tweeting that the US didn’t need Mideast oil “but will help our Allies!”

Downplaying any talk of imminent US military action, Vice President Mike Pence’s chief of staff, Marc Short, told reporters at the White House that the president’s language was “a reflection” that his administration was advancing policies that protect the US “from these sorts of oil shocks.”

“I think that ‘locked and loaded’ is a broad term that talks about the realities that” the US is “safer and more secure domestically from energy independence,” Short said.

The new violence has led to fears that further action on any side could rapidly escalate a confrontation that’s been raging just below the surface in the wider Persian Gulf in recent months. There already have been mysterious attacks on oil tankers that Washington blames on Tehran, at least one suspected Israeli strike on Shiite forces in Iraq, and the downing of a US military surveillance drone by Iran.

Those tensions have increased ever since Trump pulled the US out of Iran’s 2015 agreement with world powers that curtailed Iranian nuclear activities and the US re-imposed sanctions that sent Iran’s economy into freefall.

Benchmark Brent crude prices gained nearly 20 per cent in the first moments of trading today before settling down to over 10 per cent higher as trading continued. A barrel of Brent traded up US $6.45 to $66.67.

That spike represented the biggest percentage value jump in Brent crude since the run-up to the 1991 Gulf War that saw a US-led coalition expel Iraqi dictator Saddam Hussein’s forces from Kuwait.

US benchmark West Texas crude was up around 10 per cent. US gasoline and heating oil similarly were up.

The attack halted production of 5.7 million barrels of crude a day, more than half of Saudi Arabia’s global daily exports and more than 5 per cent of the world’s daily crude oil production. Most of that output goes to Asia.

Yemen’s Houthi rebels, who have been targeted by a Saudi-led coalition since March 2015 in a vicious war in the Arab world’s poorest country, maintain they launched 10 drones that caused the extensive damage. They reiterated that Saudi oil sites remained in their crosshairs, warning foreign workers to stay away.

US officials say that the damage done to the north-facing parts of the facilities suggest the attack instead came across the Persian Gulf from Iraq or Iran. American officials have yet to offer substantial evidence to support their claims, though Iran in the past has relied on hard-to-attribute attacks or proxy forces to launch assaults against its enemies.

At a news conference, Saudi military spokesman Col. Turki al-Maliki said, “All the indications and operational evidence, and the weapons that were used in the terrorist attack, whether in Buqayq or Khurais, indicate with initial evidence that these weapons are Iranian weapons.”

Al-Maliki offered no immediate evidence to support his allegations, which came after Trump said the US awaited word from Saudi Arabia about who it suspected launched the attacks.

Iraqi Premier Adel Abdel-Mahdi said he received a call today from US Secretary of State Mike Pompeo, who confirmed that the attack didn’t come from Iraq. The State Department did not immediately acknowledge what was discussed. Iraq is home to Iranian-backed Shiite militias who aided it in its fight against the Islamic State group.

Iranian Foreign Ministry spokesman Abbas Mousavi again denied the US claims today, telling journalists the accusation was “condemned, unacceptable and categorically baseless.” Government spokesman Ali Rabiei meanwhile said a Trump-Rouhani meeting in New York as of now wouldn’t happen.

“Currently we don’t see any sign from the Americans which has honesty in it, and if the current state continues there will be absolutely no chance of a meeting between the two presidents,” Rabiei said.

Russia’s Foreign Ministry, while expressing “grave concern” about the attack, warned against putting the blame on Iran, saying that plans of military retaliation against Iran are unacceptable.

US satellite photos released overnight appeared to show the attack on Abqaiq, the world’s largest oil processing facility, may have struck the most sensitive part of the facility, its stabilisation area. The Washington-based Centre for Strategic and International Studies has said the area includes “storage tanks and processing and compressor trains — which greatly increases the likelihood of a strike successfully disrupting or destroying its operations.”

At 5.7 million barrels of crude oil a day, the Saudi disruption would be the greatest on record for world markets, according to figures from the Paris-based International Energy Agency. It just edges out the 5.6 million-barrels-a-day disruption around the time of Iran’s 1979 Islamic Revolution, according to the IEA.

Though the world’s overall energy demands in the past were smaller, the Saudi outage has sparked concern among analysts of prices pushing to $80 a barrel and beyond. Publicly traded airlines, whose major costs include jet fuel, suffered globally. That could in turn push up prices on everything from travel to a gallon of gas at the pump.

Saudi Arabia has pledged that its stockpiles would keep global markets supplied as it rushes to repair damage at the Abqaiq facility and its Khurais oil field. However, Saudi Aramco has not responded publicly to questions about its facilities.

Stabilisation means processing so-called sour crude oil into sweet crude. That allows it to be transported onto transshipment points on the Persian Gulf and the Red Sea, or to refineries for local production.

Fernando Ferreira, the director of geopolitical risk at the Washington-based Rapidan Energy Group, said rebuilding that infrastructure “will take many months.”

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