On Saturday, the Houthis, a Yemeni rebel group fighting against a coalition led by Saudi Arabia, took credit for a strike that knocked out two key Saudi oil processing facilities.
At a single stroke, Saudi oil production was cut from 9.8 million barrels a day to 4.1 million, sending prices soaring. That means about 5% of the entire world’s oil production suddenly went offline. This is an unprecedented disruption – bigger in absolute terms than any of the famous oil shocks of previous decades:
Naturally, the Saudis are scrambling to get production up and running again, and the country’s large stockpiles of oil should cushion the blow to customers. Read More
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