How Saudi oil attack may impact India, global oil supplies
On September 14, drones attacked the world’s largest crude-processing facility operated by Saudi Arabia’s Aramco. The drone attack, claimed by Yemen’s Houthi rebels, cut the kingdom’s crude output in half and sent prices soaring by the most in decades.
The attack on Saudi Aramco’s crude-processing facilities at Abqaiq and Khurais cut output by 5.7 million barrels a day and threw into question its ability to maintain oil exports.
Oil minister Dharmendra Pradhan stated that “we are confident that there would not be any supply disruption” as the situation is “closely monitored”. However, analysts warned that an extended period of high oil prices could hurt India’s economic growth as it imports 83 per cent of its crude requirement.
