Without any doubt, it is the single most strategically important piece of energy infrastructure anywhere in the world. For all, there is a fundamental difference between damage to storage facilities or to processing infrastructure. Saudi Arabia’s position in global energy and oil markets is based on the redundancy it has or had. This could be the explanation why markets are not yet on fire, even after the Abqaiq attack. If this reliability erodes, the geopolitical risk premium embedded in oil markets will not disappear, even if production remains intact.