Tim Daiss, Asia Times: Saudi oil disruption could hit China hardest
Attacks on Saudi oil facilities have put China’s reliance on Gulf state oil imports into sharp relief
Saudi Arabia claims its oil production infrastructure, 60% of which was knocked off-stream in a pre-dawn drone attacks on September 14, will be running at full throttle again by month’s end, an assessment few energy industry analysts view as feasible.
While the Middle East waits to see how the US and Saudi Arabia ultimately respond to the attacks blamed on Iran, the impact on Asia’s oil markets is coming into clearer view, with China looking the most vulnerable to any prolonged disruption to Saudi supplies.
Saudi Arabia is the world’s largest oil exporter, the de facto leader of the Organization of Petroleum Exporting Countries (OPEC) cartel and the world’s third largest crude oil producer after the US and Russia. The Asia-Pacific, home to some of the world’s largest net oil-importing nations, is increasingly dependent on Saudi oil to fuel their fast-growing economies.
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WNU Editor: China's oil consumption runs around 12 million barrels of oil per day of which than 10% (if not more) is dependent on Saudi oil imports. Any hit on this supply would have a profound impact on China's economy. all but guaranteeing zero if any economic growth.
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