Chart: How the Saudi drone attack affected oil prices

The September 14 attack invoked a knee-jerk reaction, but prices have cooled since. India' crude oil cost is expected to remain at last year's average of $69.88 a barrel

Published: Sep 23, 2019 02:20:26 PM IST

Updated: Sep 23, 2019 02:29:08 PM IST

After studying law I vectored towards journalism by accident and it's the only job I've done since. It's a job that has taken me on a private jet to Jaisalmer - where I wrote India's first feature on fractional ownership of business jets - to the badlands of west UP where India's sugar economy is inextricably now tied to politics. I'm a big fan of new business models and crafty entrepreneurs. Fortunately for me, there are plenty of those in Asia at the moment.

The September 14 drone attack on Saudi Aramco’s oil processing facilities in Abqaiq and Khurais in Saudi Arabia invoked a knee jerk reaction. Oil prices rose over 20 percent, the highest since Iraq’s 1991 invasion of Kuwait. They’ve since cooled off to about $65 a barrel as Saudi Arabia indicated supply disruption would be limited to a month. India’ crude oil cost is expected to remain at last year’s average of $69.88 a barrel.