World oil price could rise by $10 per barrel after drones attack on Saudi oil production
World oil price could rise by $10 per barrel after ten drones attacked one of Saudi Arabia’s largest oilfields in Hijra Khurais and the world’s biggest crude processing facility at Abqaiq on Saturday forcing Saudi to cut output in half.
Drones attack has caused a loss of 5.7 million barrels of crude production a day or 50% of the kingdom’s oil output. Exact price impact will depend on the repair time which can take weeks to months.