Saudi Amy’s accidental shutdown of the world’s largest offshore oil field

According to Dow Jones on February 14, senior journalist Amena Bakr of Energy Intelligence, a news and research service provider, tweeted that Saudi Arabia and the United States suspended oil production in Saffania, the world’s largest offshore oil field, this week, citing people familiar with the matter on Thursday. Phil Flynn, senior market analyst at Price Futures Group, said the potential impact on oil prices depends on how long the oil field shuts down. The oilfield produces heavy crude oil, while the current global market is short of heavy crude oil supply. Alex Schindelar, executive editor of Energy Intelligence’s content and strategy, said on Twitter Thursday that the oil market had unexpectedly reduced the supply of another 1 million barrels per day of heavy crude oil, and that the heavy crude oil market was already tight because of OPEC’s production cuts and US sanctions against Iran and Venezuela.

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