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Oil crisis? What oil crisis? Saudi oil explosions have little effect

The explosions which took out a huge chunk of Saudi Aramco’s oil production last weekend have sent shock waves through the energy industry, because, as we have said many times before, energy is a joined up market. The political and military issues are currently to the fore with President Trump talking about Iran being behind the drone attacks in tweets. Certainly if the US could track the flight of the drones to Iran held territory, which they certainly could via satellite imagery, then it would leave Iran nowhere to hide, and the US would either retaliate or bring the regime to its knees economically, with few defending it. But after the political and military overtones are talked through and assuming…

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