Confucius: the man who broke the mountain was the same man who started ...
-
Oil Is Back into the Inflation Fold
After a relatively calm summer for oil prices, attacks on Saudi Arabian production facilities over the weekend have brought oil back into the spotlight. Saudi Arabia produces about 12% of global oil output and often acts as a stabilizing force among OPEC’s production. The weekend’s attacks are estimated to have knocked off 5.7 million barrels-a-day of production, or about 5% of global production. While a meaningful share of the market, the outages caused by Saturday’s attacks are small when compared to the oil shocks of the 1970s. At the time of the 1973-74 OPEC embargo, the block accounted for about half of ... (full story)