18FEB2019 - NEWS - Safaniyah oil field in Saudi Arabia producing less heavy crude due to partial shut down

The Safaniyah oil field in Saudi Arabia which is the world’s largest oil field is producing at a reduced capacity after a ship’s anchor cut a main power cable. An earlier report from MarketWatch quoted information from Energy Intelligence suggesting production at the filed had completely stopped, sparking worry about global heavy oil supply. Safaniyah has a production capacity of over 1 million barrels of heavy crude: reason enough for the market to get excited or worried, or both. However, now that there is more information about the possible cause of the outage and its extent, this excitement or worry might calm down.

Published by Editor - www.Livebunkers.com at 15-Feb-2019 05:15:40 [UTC] , contact editor at editor@livebunkers.com