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Saudi Aramco attacks: What we know so far

Attacks on two sites at the heart of Saudi Arabia’s oil industry shut down more than 5% of global supply, sent oil prices as much as 20% higher.

Yemen’s Houthi group, which is battling a Saudi-led coalition in Yemen, claimed responsibility for the attacks on Saturday on sites run by state-owned Saudi Aramco.

  1. The attacks, which knocked out about 5.7 million barrels per day (bpd) of Saudi output, targeted sites in Abqaiq and Khurais, in eastern Saudi Arabia.
  2. Abqaiq processes crude from the giant Ghawar oil field for export to terminals in the Gulf and Red Sea.
  3. Oil prices soared as much as 20% on Monday, with Brent crude posting its biggest intra-day percentage gain since the Gulf War in 1991.
  4. Analysts said benchmark Brent, now trading at around $66 a barrel, could hit $100 if Riyadh failed to quickly bring back supply.
  5. The Organization of the Petroleum Exporting Countries is assessing the impact but says it is too early for members to take any action on raising production or holding a meeting, the UAE energy minister and other sources said.
  6. Saudi Aramco’s full return to normal oil output volumes “may take months”, two sources said on Monday.
  7. Saudi Arabia usually ships more than 7 million bpd of oil to global destinations and has for years served as the market’s supplier of last resort.
  8. The attack, which knocked out more than half of Saudi Arabia’s output, constrained its ability to use more than 2 million bpd of spare oil capacity held for emergencies.
  9. Saudi Aramco has been seeking to prepare for a share sale that would make it the world’s largest listed company.

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