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Half of Saudi Arabia’s oil industry got taken offline by 1 drone

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Yemen’s Houthi group said it attacked two plants at the heart of Saudi Arabia’s oil industry on Saturday, Taking out more than half the Dictatorships output, in a move expected to send oil prices soaring and increase tensions in the Middle East.

After drone attacks shut oil output in Saudi Arabia, the world’s largest crude exporter, a Department of Energy spokeswoman said the Trump administration is prepared to tap U.S. emergency oil reserves if necessary.

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Aramco

Crude oil prices could plunge lower

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Saudi Arabia has restored half of the crude product that was lost to devastating attacks on its oil industry, and the kingdom said output will be fully restored by the end of this month.

If we don’t see any new drone attackS on Saudi oil infrastructure we could see Crude oil prices going even lower. Before the oil attacks against Saudi oil infrastructure, the Crude oil prices were already heading lower.

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Aramco

$1.5 trillion IPO up in smoke?

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New security fears jeopardize Saudi Aramco’s public stock offering following the attack.

last week Saudi Aramco CEO Amin Nasser told media, the company would list on the Riyadh stock exchange “very soon” as bankers from JP Morgan, Goldman Sachs, Credit Suisse, and Citigroup met in Dubai to kickstart the offering.

The oil giant has delayed its IPO, originally scheduled for 2018, reportedly over Saudi concerns about public scrutiny over its finances and because of the complexity of its corporate structure. Prince Mohammed has touted a valuation of as high as $2 trillion, while a number of bankers recommend a figure closer to $1.5 trillion. The oil price will be key to this.

https://www.cnbc.com

Saudi Arabia oil facility attack launched from Iranian soil, US officials say. – No Proof has been brought forward yet on Iran’s involvement.

“I want to reiterate that the United States wholeheartedly condemns Iran’s attack on the Kingdom of Saudi Arabia and we call on other nations to do the same,” Perry told reporters. “This behavior is unacceptable. It is unacceptable and they must be held responsible.”

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