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Drones wiped out half of Saudi Arabia's oil production — and it could lead to higher gas prices

15 Sep 2019 13:39 | Divjot S. Mehton (Administrator)

On Saturday, a drone strike on two major Saudi Arabian oil refineries knocked out about half of the country's oil production.

The production shutdown amounts to about 5% of the world's daily production of crude oil, or roughly 5 million barrels. The attack came as state-owned oil giant Saudi Aramco has been plotting a massive initial public offering. Yemen's Houthi rebel group claimed responsibility for the attack.

The Saudi index fell 2.3% at the opening on Sunday before recovering, Reuters reported. The move erased any stock gains on the index for the year, Bloomberg reported.

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