Oil prices could jump as much as $10 per barrel after a number of drone strikes hit the center of Saudi Arabia’s oil industry, forcing the kingdom to cut its oil output in half.
On Saturday, Ten drones attacked an oil processing facility at Abqaiq and the nearby Khurais oil field.
“These attacks resulted in production suspension of 5.7 million barrels of crude oil per day,”; the state-owned Aramco said in a separate statement.
After that, the price of oil in the international market can rise drastically.
Aramco CEO Amin Nasser said work was underway to restore production and; a progress update would be provided in the next two days.
Apart from this, there has been a significant impact on the supply of oil to Saudi Arabia immediately following the attacks, which has seen a rise in oil prices within Saudi.
Outside Saudi Arabia, oil prices are likely to rise in several Middle East countries.