Attacks on Saudi energy facilities have significantly reduced the kingdom’s oil production capacity. Reports indicate a cut of approximately 600,000 barrels per day, alongside a reduction of around 700,000 barrels per day in throughput on the East-West pipeline.
The attacks have also impacted pipelines and refineries, resulting in the death of one citizen. A Saudi official stated that the reduced supply will likely cause a slow recovery.
Oil prices rose for a second day following the news, though remain on track for the largest weekly loss since June. The attacks have led to a substantial decrease in the nation’s overall production capabilities.