Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.

  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list

Saudi attacks show 'unprecedented' resilience of oil market: US State Department's Fannon

Commodities | Agriculture | Biofuels | Grains | Sugar | Natural Gas | Oil | Crude Oil | Shipping | Tankers | Coronavirus

Market Movers Americas, July 13-17: NYMEX RBOB returns to backwardation, but coronavirus threatens gasoline demand recovery


Platts Market Data – Oil

Capital Markets | Commodities | Oil | Crude Oil | Refined Products | Fuel Oil | Gasoline | Jet Fuel | Naphtha | Marine Fuels | Equities | Financial Services | Banking | Non-banks | Private Markets

North American Crude Oil Summit, 3rd annual

Oil | Crude Oil | Refined Products

Crude edges higher amid improved global demand outlooks

Saudi attacks show 'unprecedented' resilience of oil market: US State Department's Fannon


Private sector able to respond to market 'issues'

Saudi strikes an attack on Indo-Pacific consumers

London — The September 14 attacks on Saudi oil infrastructure demonstrated the unprecedented resilience of oil markets, thanks partly to US production, the head of the US State Department's Bureau of Energy Affairs, Frank Fannon said Thursday.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

Speaking at the Oil & Money conference in London, Fannon also said "Indo-Pacific" countries were the ultimate victims of the missile attacks on Saudi oil facilities.

Blaming the attacks on Iran, he said they were an "indictment" of Iran's own reliability as an oil supplier.

The attacks, which initially knocked out 5.7 million b/d of Saudi oil production, showed the kingdom's "professionalism" in restoring supplies, but also "demonstrated that degree of resilience," he said.

"It was an unprecedented attack, but it also underscored an unprecedented degree of resilience in the market," Fannon said.

Asked if he had any concerns about Saudi Arabia's spare oil production capacity, he added: "We continue to monitor markets and we have great confidence in the private sector to meet any market issues."

"US production is providing a whole new level of liquidity to markets," he said, going on to highlight the US' rise as an oil exporter.

Noting the US had become the world's third-largest exporter in three years, he said, "This is still new...We're at the beginning game."

Fannon said countries in the Indo-Pacific region accounted for more than 70% of Saudi oil purchases and that the attacks should deter them from buying Iranian oil, alluding to US sanctions designed to halt Iranian oil exports.

The attack on Saudi Arabia illustrate "that Iran is the worst of potential suppliers," he said.

-- Nick Coleman,

-- Edited by Jonathan Fox,