Saudi Arabia share market down 1 % after the drone attack in the oil field.
Houthi militants from Yemen initiated drone attacks on Saturday’s biggest oil processing plant in Saudi Arabia and a significant oil field, sparking enormous fires and halting about half of the world’s biggest oil exporter’s supplies.
The attacks have been the latest in many drone assaults in recent weeks on the Kingdom’s oil infrastructure, but the most harmful readily. They raise fears about the worldwide supply of oil and are likely to increase further tensions across the Persian Gulf in the midst of an escalating crisis between the U.S. and Iran over its unraveling nuclear agreement with world powers.
Saudi Energy Minister Prince Abdulaziz bin Salman said in a declaration on Sunday that 5.7 million barrels a day were impacted by crude oil and gas manufacturing. The recent OPEC statistics placed a total of 9.8 million barrels of Saudi manufacturing per day.