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

Smoke is seen following a fire at Aramco facility in the eastern city of Abqaiq, Saudi Arabia, September 14, 2019. REUTERS/StringerReuters

  • A drone strike that knocked out half of Saudi Arabia's oil production could lead to higher oil prices globally, according to analysts. 
  • The production shutdown amounts to about 5% of the world's daily production of crude oil, or roughly 5 million barrels.
  • The Saudi index fell 2.3% at the opening on Sunday before recovering, Reuters reported.
  • Visit the Markets Insider homepage for more stories.

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. 

See the rest of the story at Business Insider

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