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Saudi Arabia's stock market suffers as drone strikes hit major oil production plants

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  • 1 month ago
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Saudi Arabia’s stock market plunged by 2.3% as following a devastating drone attack on one of the country’s oi production facility in the cities of Abqaiq and Khurais.

Abqaiq, in the kingdom’s eastern province, is the world’s largest oil processing facility and crude oil stabilization plant with a processing capacity of more than 7 million barrels per day.

Khurais is the second largest oil field in the country with a capacity to pump around 1.5 million barrels per day.

Reports that the country may take weeks to return to full oil supply capacity is set to send crude futures up by as much as $10 per barrel, analysts say, depending on the scale of the damage.

The country’s energy ministry stated that half of the country’s oil production was halted due to fire damage and an assessment of the situation is due later today.

The incident has also drawn the attention of the U.S. as Trump tweeted, “Saudi Arabia oil supply was attacked. There is reason to believe that we know the culprit, are locked and loaded depending on verification, but are waiting to hear from the Kingdom as to who they believe was the cause of this attack, and under what terms we would proceed!”

 

 

Source: Smart Trend Team