What is the impact of Saudi Arabia's reduction in oil production by nearly half
4hw.com.cn: on September 14, people familiar with the matter said that Saudi Arabia would cut its oil production by about half. Previously, Saudi Arabia's oil production facilities were attacked by drones and triggered a fire, which was claimed by the Hussein armed forces in Yemen.
The interruption of Saudi oil production may have a chain reaction to the global economy because the country exports more crude oil than any other country. People familiar with the matter said that the shutdown is equivalent to the loss of about 5 million barrels of crude oil per day, accounting for about 5% of the daily output of global crude oil. Saudi Arabia's daily oil production is 9.8 million barrels.
In recent months, Saudi Arabia's oil assets have been subjected to a series of attacks as tensions in the Persian Gulf have intensified. The attack seemed very serious. Fires were triggered in Hijra khurais, one of the largest oil fields in Saudi Arabia, and Abqaiq, the world's largest crude oil processing plant. Khurais produces 1.5 million barrels a day, while Abqaiq produces 7 million barrels a day.
Saudi Arabia says the fire has been brought under control. People familiar with the matter said that Saudi Aramco, the Saudi national oil company, held an emergency board of directors on Saturday to deal with the spreading crisis.
Informed sources said that as the world's largest oil exporter, Saudi officials are discussing reducing oil inventories in order to sell to foreign customers to ensure that global oil supply will not be interrupted.