Financial news

Saudi Arabia shuts down about half of its oil output: report

By  | 

Via Fox Business

Saudi Arabia is shutting down about half of its oil output after seemingly coordinated drone strikes hit the kingdom’s production facilities, according to a report from The Wall Street Journal.

The production shutdown amounts to a loss of about 5 million barrels a day, or about 5 percent of the world’s daily production of crude oil, the Journal reported, citing people familiar with the matter. Saudi regularly produces 9.8 million barrels a day.

Early Saturday, drones attacked the world’s largest oil processing factory and a major oilfield operated by Saudi Aramco, the national oil company, sparking a massive fire. Yemen’s Houthi rebels have claimed responsibility for the attack, the Journal reported.

“We promise the Saudi regime that our future operations will expand and be more painful as long as its aggression and siege continue,” a Houthi spokesman told the Journal.

This is a developing story. Please check back for updates. 

Print Friendly, PDF & Email
READ ALSO  Govt urged to secure long-term future of companies

Latest from