What does the Saudi oil facility attack mean for Russia?
The Sept. 14 attack on key Saudi oil facilities, which knocked out over half of the kingdom’s oil production, has signaled a significant change in approach toward regional and global security. It’s clear that things won’t be the same again. But what does it mean for Russia?
The attack reduced Saudi oil production by 5.7 million barrels per day (bpd), leading to a sharp rise in global oil prices of nearly 20%. Although this was a very important development from an energy and economic perspective, we should not underestimate the political and security ramifications either. The entire paradigm of a secure Gulf under the protection of the U.S. military umbrella has been undermined.