Saudi Arabia's "Aramco" oil refinery attack

9 Mar 2021 Written by: Redaksi OCBC NISP

Representatives of the Saudi Arabian company Aramco confirmed the drone and missile attacks aimed at the oil shipping port, which is one of the facilities of the Aramco company.

The attack was carried out by the Houthi military group. The Houthis claimed to be a militia group close to Iran. This marks a new escalation in Yemen's six-year conflict between Saudi Arabia's coalition-backed government and Houthi rebels. Meanwhile, the Ministry of Energy of Saudi Arabia stated that the attack not only threatened the kingdom of Saudi Arabia but also disrupted the stability and supply of crude oil globally and would later disrupt the global economy. Additionally, this attack will disrupt the security of free waters globally.

However, the Saudis said they had overcome the drone attack, and fortunately, the attack had not claimed any casualties. As a result of this attack, the world crude oil price or crude Brent oil increased significantly to US $ 70 / barrel, which means that this increase is the highest in the past year.

Investment Strategy:

The attack on the port facilities of the Saudi Arabian oil company Aramco will negatively impact the global stock market as well as Indonesia because it raises the price of government oil, which has an impact on rising inflation. Regional stock markets responded negatively to the news. However, weakening is expected to occur in the short-term and this is very good for market players to take advantage of to carry out a gradual accumulation or averaging down of the domestic stock market.

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