Saudi Aramco halts oil output at the world's largest offshore...

Saudi Aramco halts oil output at the world's largest offshore oilfield

Saudi Aramco halted oil output this week at Safaniyah, the world's largest offshore oilfield, Energy Intelligence reported Thursday, citing sources familiar with the matter, according to a tweet from Amena Bakr, senior correspondent at the news and research service provider. Further information was only available through subscription-based Energy Intelligence. The potential impact on oil prices depends on how long output at the oilfield is down, said Phil Flynn, senior market analyst at Price Futures Group. "The thinking is that the field produces heavy crude, and the world is short of that [type of] oil." The unplanned shutdown takes out another 1 million barrels a day of heavy oil from the market, Alex Schindelar, executive editor of content & strategy at Energy Intelligence Group tweeted Thursday, adding that the heavy crude oil market was already tight because of the OPEC output cuts and U.S. sanctions on both Iran and Venezuela.

https://www.marketwatch.com/story/s...the-worlds-largest-oilfield-report-2019-02-14