Earlier Saturday, two Saudi oil facilities were set on fire by a 10-drone strike claimed by Yemen's Houthi rebel group.
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Saudi Arabia says it has contained a fires after two large <a href="https://twitter.com/hashtag/oil?src=hash&ref_src=twsrc%5Etfw" rel="nofollow" target="_blank">#oil</a> facilities were attacked with drones: the Abqaiq processing center and the Khurais oilfield (video is Abqaiq) | <a href="https://twitter.com/hashtag/OOTT?src=hash&ref_src=twsrc%5Etfw">#OOTT</a> <a href="https://twitter.com/hashtag/SaudiArabia?src=hash&ref_src=twsrc%5Etfw">#SaudiArabia</a> 🇸🇦 ⛽️🛢 <a href="https://t.co/giszwoMSFB">https://t.co/giszwoMSFB</a> <a href="https://t.co/F3CBdYXaQG">pic.twitter.com/F3CBdYXaQG</a></p>— Javier Blas (@JavierBlas) <a href="https://twitter.com/JavierBlas/status/1172768100430864385?ref_src=twsrc%5Etfw">September 14, 2019</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
According to the Wall Street Journal, people familiar with the matter said that Saudi Arabia was forced to shut down around half of its oil output following the attack.
Source: The Wall Street Journal
The shutdown amounts to the loss of around 5% of the world's daily production of crude oil.
Source: The Wall Street Journal
According to a CNN report, OPEC figures from August put the kingdom's total production at 9.8 million barrels per day which is nearly 10% of the total daily global supply.
Source: CNN
There is still no word on the conditions of the oil refineries which are run by the state-owned oil company Saudi Aramco.
As Business Insider previously reported, Saudi Aramco has been preparing for what could be the world's largest initial public offering.
Prior to the attacks, it was reported that the company, which could be worth $2 trillion, was planning to list as much as 5% of its shares between 2020 and 2021.
While The Wall Street Journal reported that Saudi officials hope to bring the production rate back to normal by Monday, there is no clear timetable.
Source: The Wall Street Journal
The destruction of both oil facilities could have a detrimental effect on the world's energy supply. An analysis by the BBC found that the Khurais oilfield produces about 1% of the world's oil while the company's largest facility, Abqaiq, has the capacity to process 7% of the global supply.
President Donald Trump and Saudi Crown Prince Mohammed bin Salman spoke about the attacks Saturday over the phone.
The Saudi Press Agency released the following statement: "During the conversation, the US President reasserted his country's readiness to cooperate with the Kingdom, by all means conducive to maintain its security and stability, reaffirming that the negative effects of the attacks (on two Aramco's facilities) on the US economy as well as the world economy."
