The attacks on critical oil production facilities in Saudi Arabia over the weekend will “effectively” wipe out the world’s spare oil capacity, an expert from S&P Global Platts said on Monday. Drone strikes attacked a oil processing facility at Abqaiq and the nearby Khurais oil field on Saturday, knocking out 5.7 million barrels of daily crude production — or 50% of the kingdom’s oil output. That’s more than 5% of global daily oil production. The country’s national oil company Saudi Aramco reportedly aims to restore about a third of its crude output, or two million barrels, by Monday. “This heightens the risk ... (full story)