Free Republic

Drone attacks on two critical production facilities in Saudi Arabia wiped out over 5% of the world’s oil supply in one go, eliminating the spare capacity of the entire globe. The attacks, which targeted an oil processing facility at Abqaiq and the nearby Khurais oil field knocked out 5.7 million barrels of daily crude production, a whopping 50% of Saudi Arabia’s entire oil output. “This incident effectively eliminates the world’s spare capacity,” said Sarah Cottle, global head of market insight at S&P Global Platts. The attacks led at one point to oil prices spiking by 19%, the biggest leap since...

(Moderator, if I can't excerpt the BBC, please note) Drone attacks have set alight two major oil facilities run by the state-owned company Aramco in Saudi Arabia, state media say. Footage showed a huge blaze at Abqaiq, site of Aramco's largest oil processing plant, while a second drone attack started fires in the Khurais oilfield. The fires are now under control at both facilities, state media said. A spokesman for the Iran-aligned Houthi group in Yemen said it had deployed 10 drones in the attacks. The military spokesman, Yahya Sarea, told al-Masirah TV, which is owned by the Houthi movement...

Khurais on schedule to raise oil capacityK.S. Ramkumar | Arab News   br>MEDIA TOUR: Workers look at journalists during a media tour of the Khurais oilfield, located between Riyadh and Dhahran, on Monday. (AP)   KHURAIS OILFIELD: Saudi Aramco has assured that it would fulfill its commitment to raise oil capacity by 1.2 million barrels per day (bpd) by June 2009 through the new Khurais oilfield.“This is the biggest new field in our plan to raise oil capacity and we are on schedule,” Amin Nasser, Saudi Aramco’s senior vice president for exploration and production, told a large group of national...