World economy under ‘threat’ as Saudi oil output falls 50% after drone raids

Drone attacks claimed by Yemen’s Houthi rebels on two of Saudi Arabia’s oil facilities on Saturday have cut oil production from 10 million barrels per day to 5.7 million barrels a day, the kingdom’s new energy minister said, adding that such terrorist acts are a threat to world economy, agencies report.

Prince Abdulaziz bin Salman said on Sunday that oil production in Abqaiq and Khurais facilities of the state-owned oil company Aramco fell 50% after the attacks at 3.31am and 3.42am.

Part of the fall in output will be compensated to clients through reserves, Saudi Press Agency reported citing the prince.

The attacks did not cause injures to any of the employees at the two units. Aramco is assessing the damage.

The attacks pose a threat to the key Saudi installations, global oil supplies, regional security and the world economy, the prince said.

President Donald Trump said the US will cooperate with Saudi Arabia to maintain its security and stability.

The UAE condemned the act of terrorism and sabotage by groups trying to undermine the security and stability of the region.

The British government said the Houthi rebels must stop undermining Saudi Arabia’s security by threatening civilian areas and commercial infrastructure.

US Secretary of State Mike Pompeo said Tehran is behind nearly 100 attacks on Saudi Arabia while Rouhani and Zarif pretend to engage in diplomacy.

The Houthis backed by Iran claimed they carried out Saturday’s attacks using 10 drones.