Attacks on Saudi facilities threaten spare oil capacity, price hikes


  • World
  • Sunday, 15 Sep 2019

Smoke fills the sky at the Abqaiq oil processing facility on Saturday, Sept. 14, 2019 in Saudi Arabia. Drones claimed by Yemen's Houthi rebels attacked the world's largest oil processing facility in Saudi Arabia and a major oilfield operated by Saudi Aramco early Saturday, sparking a huge fire at a processor crucial to global energy supplies. (Validated UGC via AP)

HOUSTON (Reuters) - Saturday's attacks on key Saudi Arabia processing plants will test the world's ability to handle a supply crisis as it faces the temporary loss of more than 5% of global supply from the world's biggest crude exporter.

The Iranian-backed Houthis group in Yemen claimed responsibility for attacks that shut two plants at the Abqaiq facility, the heart of the Saudi oil industry, which will cut the kingdom's production by about 5.7 million barrels per day (bpd), more than half of the kingdom's output, according to a statement from state-run Saudi Aramco.

Limited time offer:
Just RM5 per month.

Monthly Plan

RM13.90/month
RM5/month

Billed as RM5/month for the 1st 6 months then RM13.90 thereafters.

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In World

UNEP: INC-4 must make meaningful progress
Tesla to lay off nearly 2,700 workers at factory in U.S. Texas
China's Shanxi culture, tourism promotion event held in Morocco
WTI crude futures settle higher
2nd LD Writethru: Chinese business group "shocked, dissatisfied" over EU raids on Chinese company
US charges, sanctions Iranians linked to Revolutionary Guard cyber command
U.S. dollar ticks down
Italy passes contested plan to 'support motherhood' in abortion clinics
Schneider says Chinese market remains important
Feature: Concert marks Chinese Language Day in Geneva

Others Also Read