Suspected drone attacks knocked out half of Saudi Arabia's oil production

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Suspected drone attacks knocked out half of Saudi Arabia's oil production

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The recent drone attacks on Saudi Aramco facilities in Abqaiq and Khurais have caused the loss of 5.7 million barrel oil per day. Houthi rebels claimed responsability while Saudi Arabia and the US are investigating who caused the damage.

Target of the attack were the world's largest petroleum-processing facility and a oil field nearby, both are operated by Saudi Arabia's biggest oil company Aramco. According to Saudi Aramco the situation at the sites is under control and work to restore production has began. It will take weeks to repair the extensive damage and to restore the facilities back to full capacity. The attacked facilities account for 50% of Saudi Arabis's daily oil output which in turn are 5% of the daily global oil production.

The Saudi Arabian Energy Minister Prince Abdulaziz bin Salman asured that the shortages in production will be made up by tapping huge oil storages. Estimates says that Saudi Arabia has  around 188 million barrels of oil in reserve.

The incidend is capable of setting the already unstable region in further crisis since the tensions between Iran and the US already led to a series of escalations.

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