Oil prices surge: An attack on a critical Saudi Arabia oil plant pushes crude prices sharply higher, though the long-term impact depends on how long production is disrupted and how the U.S. and countries in the Mideast react.
This image provided on Sunday, Sept. 15, 2019, by the U.S. government and DigitalGlobe and annotated by the source, shows damage to the infrastructure at at Saudi Aramco's Kuirais oil field in Buqyaq, Saudi Arabia. The drone attack Saturday on Saudi Arabia's Abqaiq plant and its Khurais oil field led to the interruption of an estimated 5.7 million barrels of the kingdom's crude oil production per day, equivalent to more than 5% of the world's daily supply.
Yemen’s Iran-backed Houthi rebels claimed responsibility for the attack on the Saudi Aramco facility, Saudi Arabia’s largest oil processing plant. It halted production of 5.7 million barrels of crude a day, more than half of Saudi Arabia’s global daily exports and more than 5% of the world’s daily crude oil production. Most output goes to Asia.
Work is under way to restore production at the Abquaiq plant. The Wall Street Journal reported Sunday that Saudi officials said a third of crude output will be restored Monday, but bringing the entire plant back online may take weeks. Officials said they would use other facilities and existing stocks to supplant the plant’s production.
Still, the situation is better today than it would have been a decade ago, prior to the U.S. energy boom.
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