U.S. Oil Exports Ramp Up as Buyers Seek Alternatives to Saudi Crude

The oil markets were in turmoil on Monday after the weekend’s attack on Saudi facilities, as refiners in top consumer Asia looked for alternative supplies, U.S. crude producers ramped up efforts to export crude and Saudi Arabia tried to secure refined products.

Crude prices surged up to nearly 20% on Monday after Saudi Arabia, the world’s largest oil exporter, cut output at its processing facilities at Abqaiq and Khurais by a total 5.7 million bpd, or half the kingdom’s production, after Saturday’s attack, with no indication on when output will be resumed.

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