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ET - Midstream News And The Ripple Effect Of The Drone Attack
Energy Transfer LP
Last week’s strike on Saudi Arabia’s crude oil capacity shook energy markets. Saudi Aramco’s (ARMCO) largest oil processing facility was attacked by a combination of drones and cruise missiles resulting in 5.7 million bpd of crude oil production going off-line – or over half of Saudi Arabia’s and a little over 5% of global oil production. Since then, 2 million bpd was restored with Saudi Aramco estimating that by the end of September production will return to pre-strike levels. And by the end of November, Aramco expects capacity to be back to 12 million bpd.