Saudi Arabia confirms nearly half of Aramco’s oil production halted after attacks

Drone attacks on two Saudi Aramco facilities will lead to 5.7 million barrels or 50 percent drop in the oil giant’s production, an official in Riyadh declared.

Saudi Energy Minister Prince Abdulaziz bin Salman stated that the attacks crippled the facilities, forcing Saudi Aramco to partially halt crude and gas production, but the company was working on recovering the lost quantities and would make an update within 48 hours.

The decrease in supplies would be partially compensated through the company’s oil reserves, the energy minister promised.

Yemen’s Houthi Ansarullah movement announced on Saturday that its drones had successfully attacked two oil plants in the heart of Saudi Arabia’s oil industry, stressing that the attacks were a firm response to Riyadh’s relentless bombardment of Yemen.

Oil analysts and traders say that the impact of the attack on crude prices could be double-digit and the commodity’s price could jump as much as $10 per barrel.