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Transcripts For BBCNEWS Business Briefing 20240714

Global oil prices have hit their highest in four months after two drone attacks on Saudi Arabian facilities on saturday. Brent crude has jumped 10 to over 66 a barrel. Aramco is the Worlds Biggest Oil producer and one of the worlds most profitable businesses. Around 5. 7 Million Barrels a day have been cut by the attacks, thats roughly half of saudi arabias oil production. Oil prices have eased back slightly after us President Donald Trump authorised the release of us reserves. Aramcos affected facilities at khurais and abqaiq produce around 8 of the worlds oil supply. Bob mcnally served in the Bush Administration as its Senior Energy advisor. Hes now president of the Rapidan Energy group in washington. He thinks there are genuine reasons to be concerned about the impact of the attack tx vt next as long as the us and saudi arabia on one side and iran on the other remain in this conflict, we will build on a risk premium. It is getting very serious. This is not simplya getting very serio

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