Saudi Arabia Shuts Down About Half Its Oil Output After Drone Strikes

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Title : Saudi Arabia Shuts Down About Half Its Oil Output After Drone Strikes
Link : Saudi Arabia Shuts Down About Half Its Oil Output After Drone Strikes

A coordinated drone strike hit at the heart of Saudi oil production on Saturday, sparking an enormous blaze and forcing the kingdom to shut down about half of its crude output, according to people familiar with matter.

Iran-alled Houthi rebels in neighboring Yemen claimed responsibility for what would be one of their largest-ever attacks inside the kingdom.

The Saudi production shutdown amounts to a loss of about five million barrels a day, the people said, roughly 5% of the world’s daily production of crude oil. The kingdom produces 9.8 million barrels a day.

The strikes on facilities in Saudi Arabia’s Eastern Province mark the latest in a series of attacks on the country’s petroleum assets in recent months, as tensions rise among Iran and its proxies like the Houthis, and the U.S. and partners like Saudi Arabia. The Houthis have also claimed credit for drone attacks on Saudi pipelines, tankers and other infrastructure during a four-year war.

This attack appeared to be the most effective, starting large fires at Hijra Khurais, one of Saudi Arabia’s largest oil fields, and at Abqaiq, the world’s biggest crude stabilization facility. Khurais produces 1.5 million barrels a day while Abqaiq helps produce up to 7 million barrels a day. (Read WSJ Article)

Saudi Arabia Shuts Down About Half Its Oil Output After Drone Strikes

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Saudi Arabia Shuts Down About Half Its Oil Output After Drone Strikes

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