In 1867, Frederick Douglass said: “Our government may at some time be in the hands of a bad man... We ought to have our government so shaped that even
Oil To Hit $100? Half Of Saudi Oil Output Shut After Drone Strikes Cripple World's Largest Oil Processing Facility
Update: The WSJ is Saudi Houthi false-flag drone attack on the largest Saudi oil processing plant:
Saudi Arabia is shutting down about half of its oil output after apparently coordinated drone strikes hit Saudi production facilities, people familiar with the matter said, in what Yemen’s Houthi rebels described as one of their largest-ever attacks inside the kingdom.The production shutdown amounts to a loss of about five million barrels a day, the people said, roughly 5% of the world’s daily production of crude oil. The kingdom produces 9.8 million barrels a day.
And while Aramco is assuring it can restore output quickly, in case it can't the world is looking at a production shortfall of as much as 150MM barrels monthly, which - all else equal - could send oil soaring into the triple digits. Just what the Aramco IPO ordered.
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What appears to be the most devastating Yemen Houthi rebel attack on Saudi Arabia to date, took place overnight on the world's largest oil processing facility as stunning videos emerged of massive explosions rocking the major Aramco Buqyaq facility.
Fires burned into the morning daylight hours, with explosions also reported at
Saudi authorities — initially slow or reluctant to identify the cause of the major blaze — on Saturday issued a confirmation via the Saudi Press Agency: "At 4.00am (01:00 GMT) the industrial security teams of Aramco started dealing with fires at two of its facilities in Abqaiq and Khurais as a result of... drones
#Buqayq city view as #Aramco facilities burn. Very likely to be an attack of some sort as gunshots are also heard. #SaudiArabia #Saudi #arabtwitter
However, the Saudis have stopped short of acknowledging the Houthis
It remains unclear according early statements whether
In some of the video captured by onlookers outside the Buqayq facility, gunfire in or around the complex was apparent.
A second video filmed from the same parking lot shows another large explosion.
Both videos are filmed from across the street from the Aramco compound and are facing South/South-East
h/t @MeKassab
The impact on global oil markets - closed for the weekend - could be significant given the Khurais field produces about 1% of all the world's oil (estimated at over 1M bpd bpd
Located 37 miles southwest of Aramco’s Dhahran headquarters, it controls all the flows from fields like the giant Ghawar field to coastal export terminals like Ras Tanura. Saudi Aramco describes the Buqyaq facility as "the largest crude oil stabilization plant in the world."
The world's largest oil processing facility has been hit in a drone attack.
Yemen's Houthi rebels have said they were behind the strikes on Saudi Arabia's Abqaiq plant. Read the full story here: po.st/cbHfo4
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