Saudi Oil Outage Impact Not As Bad As Predicted

Oil prices have gyrated this week on conflicting reports and predictions regarding the restoration of operations at the damaged Abqaiq processing facility in Saudi Arabia. The largest disruption in oil market history led to a 15 percent price gain on Monday, but prices opened up sharply lower on Tuesday after Reuters reported that operations would resume much quicker than expected. The outage at Abqaiq is not just a problem because of the immediate impact on production, but also because it takes much of the world’s spare capacity offline.…