OIL PRICES SOAR AFTER ATTACKS ON SAUDI FACILITIES




Selin ATAY-TDO-Oil prices have seen their peaksince the Gulf War following two drone attacks by Houthis in Yemen on Saudi Aramco’s giant oil plants in Abqaiq and Khurais. Oil prices surged by nearly 20%, and brent crude jumped to $71.95 a barrel at one point

According to analysists, as drone attack caused massive fires at two of Saudi Aramco’s largest oil facilities, it could take weeks before facilities are fully back on line. Saudi Energy Minister Prince Abdul-Aziz bin Salman said that 5.7 million barrels a day of crude oil and gas production have been affected. Saudi's energy minister said Saturday officials are "working to recover the lost quantities" of oil and will update the public within two days.

While Abqaiq is the world's largest oil processing plant which has the capacity to process more than 7 million barrels of oil per day, Khurais is the second-largest oilfield which has a processing closure of 1.5 million barrels per day. Analysts stated that the Abqaiq plant has vital importance for Kingdom's oil production.

The attack, undertaken by the Houthis, went down in history as the largest attack on the kingdom's oil infrastructure since the missile strikes of Iraq under Saddam Hussein in 1990.

Coordinated attacks on key Saudi Arabian oil facilities disrupted about half of the kingdom's oil capacity, or in other words, 5% of the daily global oil supply.