Donald Trump has said it is "looking like" Iran was behind the attacks on Saudi Arabia's oil facilities, but he has insisted that he does not want war.The president said he is not looking at retaliatory options until he has "definitive proof" that Tehran was responsible, but added that the US is prepared if a response is warranted.Iran has rejected claims it was to blame for Saturday's drone attacks, which damaged the world's biggest crude processing plant in Saudi Arabia and triggered the largest jump in crude prices in decades.Global prices surged nearly 20% following the bombing of two oil plants, before dropping about 10% when markets calmed in reaction to Mr Trump's suggestion that America's stockpile could be used if required.Asked by a reporter in the White House if Iran was behind the attacks, the US president said: "It's certainly looking that way at this moment and we'll let you know. As soon as we find out definitively we'll let you know but it does look that way. … [Read more...] about Trump after Saudi oil attack: ‘I don’t want war but we are prepared’
The attack on Saudi Arabia's largest petroleum-processing facility over the weekend struck at the heart of one of the most important oil-producing regions in the world: the Middle East.As the former US ambassador to the United Arab Emirates Barbara A Leaf wrote on Twitter in the wake of the attack: "The US has an abiding interest in energy market stability. No true energy independence exists for any of us. All are linked. So an attack on Abqaiq and more than halving of Saudi production affects us all."Which region is the biggest producer?At the heart of this world oil trade web is the Middle East, from which around 40% of all oil produced flows to the rest of the world, largely by sea.Saudi Arabia's main customers include Japan, South Korea, and China. India and Pakistan are also large importers of Middle Eastern oil.Almost three quarters of state energy giant Saudi Aramco's oil goes to Asia - meaning the region has the most to lose from any potential disruption to supply stemming from … [Read more...] about Where does the world’s oil come from and what’s the impact of an attack in the Middle East?
Norway’s $1tn oil fund, the world’s largest sovereign wealth fund, is to plunge billions of dollars into wind and solar power projects. The decision follows Saudi Arabia’s oil fund selling off its last oil and gas assets. Other national funds built up from oil profits are also thought to be ramping up their investments in renewables. The moves show that countries that got rich on fossil fuels are diversifying their investments and seeking future profits in the clean energy needed to combat climate change. Analysts say the investments are likely to power faster growth of green energy. Norway’s government gave the go-ahead on Friday for its fund to invest in renewable energy projects that are not listed on stock markets. Unlisted projects make up more than two-thirds of the whole renewable infrastructure market, which is worth trillions of dollars. Previously, it had warned that such investments could be at risk from political interference. But now the sum the … [Read more...] about ‘Historic breakthrough’: Norway’s giant oil fund dives into renewables