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Houthi Attack Has No Impact on Crude Supply, but Geopolitical Tensions Remain

Analyst Note

| Dave Meats, CFA |

Brent crude retreated after initially jumping above $70 per barrel on March 8 following the news that Saudi Arabian oil facilities were attacked in a drone strike organized by Houthi militants. This parallels an earlier attack on Saudi oil infrastructure at Abqaiq in September 2019. The Houthi movement in Yemen claimed responsibility for that event as well, which knocked out approximately 1 million barrels per day for the month (roughly 1% of global supply).

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Company Profile

Business Description

BP is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2019, it produced 2.3 million barrels of liquids and 9.5 billion cubic feet of natural gas per day, including volumes from its 20% ownership interest in Rosneft. At year-end 2019, reserves stood at 19.3 billion barrels of oil equivalent, 59% of which are liquids. The company operates refineries with a capacity of 1.9 million barrels of oil per day.

1 St James's Square
London, SW1Y 4PD, United Kingdom
T +44 2074964000
Sector Energy
Industry Oil & Gas Integrated
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type
Employees 63,827