A quiet weekend quickly became frenetic when news emerged of a drone attack on major Saudi Arabian oil and gas infrastructure east of Riyadh at the Abqaiq processing facility and Khurais oil fields. The Abqaiq facilities process up to 7% of daily global oil production while Khurais oil fields, Saudi Arabia's second largest oilzone, has an output of 1.5 million bpd. The Saudi ministry notes around 5.7 million bpd of capacity, equivalent to around ~5% of daily global oil supply, was disrupted as a result of the premeditated 10 drone attack. How long it takes for the supply deficit to be restored remains unclear. ... (full story)