September 14, 2019

GOOD THING WE HAVE FRACKERS: Saudi Arabia Shuts Down About Half Its Oil Output After Drone Strikes: Shutdown amounts to a loss of some five million barrels a day, roughly 5% of the world’s daily production of crude. “Coordinated drone strikes on the heart of the Saudi oil industry forced the kingdom to shut down half its crude production on Saturday, people familiar with the matter said, potentially roiling petroleum prices and demonstrating the power of Iran’s proxies. Yemen’s Iranian-aligned Houthi rebels claimed credit for the attack, saying they sent 10 drones to strike at important facilities in Saudi Arabia’s oil-rich Eastern Province. The production shutdown amounts to a loss of about five million barrels a day, the people said, roughly 5% of the world’s daily production of crude oil. Officials said they hoped to restore production to its regular level of 9.8 million barrels a day by Monday.”

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