After drone attacks disrupted production at the world’s largest oil processing facility in Buqyaq, Saudi Arabia
, U.S. officials are suspecting the involvement of Iran. Half of Saudi Arabia’s oil output is affected by the events, which will see production of crude oil and export of oil and oil products fall. Global oil prices gained as much as 20 percent in the aftermath.
While Houthi rebel groups in Yemen claimed the attack, it is not yet clear where it originated or which countries were involved.
Saudi oil production and exports had been weak even before the attack, as our graphic shows. Since November, production
has fallen, from 11 million barrels per day to under 10. Exports
fell even more, with the kingdom trying to boost prices as part of an OPEC strategy. On Thursday, news broke that the U.S. had, for the first time, exported more oil and oil products in a given month (June) than Saudi Arabia
. Both U.S. and Saudi officials have said
that existing stockpiles of oil could be used to mitigate some of the effects of the attack on global markets.