Oil: Geopolitical risks in the Middle East Oct 10, 2019 Oil: Geopolitical risks in the Middle East By Blu Putnam, Chief Economist & Erik Norland, Senior Economist, CME Group Oil: US buffers Mideast influence Impact of Mideast oil supply disruptions on prices has diminished Loss of influence is due to rising US shale oil production and exports Price surge after drone attack on Saudi oil facilities was short-lived US is a buffer to Saudi, Russia’s ability to influence global oil prices Watch video Is oil nervous enough about Iran and the Saudis? High oil inventories helped to thwart price surge after Saudi drone attack 14% rally also fizzled out due to weak global demand amid slow growth US shale oil supply could surge within months if prices hit $70-$100/barrel Market perceives the attack on Saudi oil facilities as an isolated act Read article SEE MORE ANNOUNCEMENTS
