Saudi oil facility attack: Surging oil prices could worsen India’s growth hurdle


Saudi oil facility attack: Surging oil prices could worsen India’s growth hurdle

India’s plans for economic recovery could hit a barricade after the heart of Saudi Arabia’s oil industry became a target of a deadly drone attack over the weekend.

Multiple drone attacks over the weekend caused fires at two major facilities run by state-owned Saudi Aramco, one of the top oil and gas refineries in the world. The development has triggered panic among global traders who fear a sharp spike in oil prices.

Following the drone attacks on Saudi Aramco’s Abqaiq and Khurais plants by Yemen’s Houthi rebels, Saudi Arabia’s total oil production has been cut down by 5.7 million barrels per day (BPD).

That is nearly 5 per cent of the world’s total crude oil supply and half of Saudi’s oil production. The international benchmark Brent Crude jumped almost 20 per cent, the highest-ever surge in the past 30 years. Read More

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